AML Supervision

Anti – Money Laundering & Combating Financing of Terrorism

Pakistan is obligated to comply with the "International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation" issued by the Financial Action Task Force (FATF Recommendations). Pakistan is also subject to FATF mutual evaluations on the adoption and implementation of FATF Recommendations.

In this regard, Pakistan has enacted the Anti-Money Laundering Act, 2010 (the AML Act) and Anti-Terrorism Act, 1997.

The AML Act places obligations on the accountancy profession, requiring AML/ CFT regulatory and supervisory measures.

The Parliament has passed Anti – Money Laundering (Second Amendment) Act, 2020 on September 16, 2020 to further amend the Anti -Money Laundering Act, 2010 (AML Act 2010). According to the amendment, the Institute of Chartered Accountants of Pakistan (ICAP) has been designated as an AML / CFT Regulatory Authority of its members in the AML Act, 2010.

The Institute as an AML / CFT Regulatory Authority has issued Anti – Money Laundering and Combating Financing of Terrorism Regulations for Chartered Accountants Reporting Firms” (The Regulations) under section 6A(2) of the AML Act, 2010. 

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