Financial Monitoring Unit

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Financial Monitoring Unit
مالی نگرانی واحد
Abbreviation FMU
Agency overview
Formed 1 October 2007; 10 years ago (2007-10-01)
Legal personality Governmental: Government agency
Jurisdictional structure
Legal jurisdiction Constitution of Pakistan
Governing body Government of Pakistan
General nature
Operational structure
Overviewed by Islamabad, Pakistan
Agency executive Dr. Tariq Ishaque PAS [1]
Director
Website
www.fmu.gov.pk

The Financial Monitoring Unit (Urdu: مالی نگرانی واحد‎, abbreviated as FMU) is an intelligence service department active within the Ministry of Finance (MoF),Government of Pakistan and under regulations of State Bank of Pakistan . Established in 2007, it is responsible for analyzing money laundering cases, building efforts against the terrorist financing, and all sorts of financial crimes within the jurisdiction of financial laws of Pakistan.

Financial Monitoring Unit was established to ensure compliance with the Pakistan's Financial Action Task Force (FATF)’s recommendations on Anti-Money laundering (AML) and terrorist financing.

Overview

The Financial Monitoring Unit (FMU) has been established under the Anti-Money Laundering Act, 2010 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. It is headed by a Director from Federal Civil Services of Pakistan.

Financial Monitoring Unit (FMU) Anti-Money Laundering Software

IN a long-awaited move, the State Bank has finally inaugurated a Anti-Money Laundering system for the automated detection of possible money laundering and terror financing that uses the banking system.Now, with a little help from the UK government and the UN Office of Drugs and Crime, an automated system will track millions of transactions and be able to flag suspicious ones instead of the authorities having to wait for banks to manually generate reports, a task that was being performed by branch personnel until now.

See also

External links

  • Financial Monitoring Unit
  • SCOPE OF WORK - FINANCIAL MONITORING UNIT
  • Financial Monitoring Unit Anti-Money Laundering Software

References

  1. ^ "NACTA". Retrieved 3 January 2015. 


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