Financial Monitoring Unit

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Financial Monitoring Unit
ادارہ برائے مالیاتی نگرانی
State emblem of Pakistan.svg
Agency overview
Headquarters Karachi, Pakistan
Employees 45 (Approx)
Agency executive
Parent department Autonomous
Website www.fmu.gov.pk

The Financial Monitoring Unit (Urdu: ادارہ برائے مالیاتی نگرانی‎, abbreviated as FMU) is the Financial Intelligence Unit (FIU) of Pakistan established under the provisions of Anti-Money Laundering Act, 2010 (Previously Anti-Money Laundering Ordinance, 2007). It is an independent intelligence service department of the Government of Pakistan and primarily responsible for analyzing transactions, money laundering cases, building efforts against the terrorist financing, and all sorts of financial crimes within the jurisdiction of financial laws of Pakistan.

Mr. Mansoor Hassan Siddiqui is serving as the current Director General of the FMU. It currently comprises two offices; a head office in Karachi and a Liaison office in Islamabad.

Overview

In 2007, the Financial Monitoring Unit (FMU) was formed as a department of the State Bank of Pakistan, which is the Central Bank of Pakistan. The FMU was headed by a Director Establishment of FMU and its reporting entities were the regulated Banking Institutions coming under the ambit of the central bank. After the approval of the Anti-Money Laundering Act, 2010, FMU was established as a autonomous government agency under in order to act as the Financial Intelligence Unit of Pakistan. The basic functions of FMU are to receive and analyze the Suspicious Transactions Reports (STRs) as well as Currency Transactions Reports (CTRs) from its designated reporting entities. The FMU may disseminate the Financial Intelligence to the concerned Law Enforcement Agencies (if required) for their further necessary action in this respect. Another function of this specialized financial intelligence agency is to ensure compliance with the Pakistan's Financial Action Task Force (FATF)’s recommendations on Anti-Money laundering (AML) and terrorist financing.[citation needed]

Director Generals (2007–Present)

Name Period
Azhar Iqbal Qureshi 2007
Allah Rakha Asi 2010
Nauman Qureshi 2012
Mansoor Ahmed Khan 2014
Syed Mansoor Ali 2017
Mansoor Hassan Siddiqui Serving

Anti-Money Laundering Software (goAML)

The FMU has implemented a Anti-Money Laundering system for the automated detection of possible money laundering and terror financing that uses the banking system. The data centre was launched by the Governor of the State Bank of Pakistan, the British High Commissioner, and the Representative of the United Nations Office on Drugs and Crime (UNODC) at the Head Office of Financial Monitoring Unit (FMU) located in Karachi.[citation needed]

See also

References


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