{"id":56394,"date":"2019-10-16T17:48:25","date_gmt":"2019-10-16T12:48:25","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=56394"},"modified":"2020-06-19T18:20:47","modified_gmt":"2020-06-19T13:20:47","slug":"sbp-issues-instructions-for-banks-to-stop-money-laundering","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-issues-instructions-for-banks-to-stop-money-laundering.html","title":{"rendered":"SBP issues instructions for banks to stop money laundering"},"content":{"rendered":"<p>Karachi: The State Bank of Pakistan has issued new guidelines for banks dealing in foreign exchange to restrict misuse of banking channels for trade-based money laundering and terror-financing \u2013 a news source reported.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-calls-session-review-progress-fatf-action-plan.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR calls session to review progress on FATF action plan<\/a><\/p>\n<p>The document issued by the central bank noted that the main method used by such people involves transfers through legitimate transactions by under-invoicing, over-invoicing, short\/over shipment and obfuscation of type of goods\/services among other things.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/declaration-of-foreign-assets-income-must-for-pakistanis-fbr.html\" target=\"_blank\" rel=\"noopener noreferrer\">Declaration of foreign assets, income must for Pakistanis: FBR<\/a><\/p>\n<p>The main purpose of the new framework is to improve the AML\/CFT regime on trade. It is also meant to conserve the foreign exchange and applies to all banks that deal with it.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/nas-finance-committee-approves-anti-money-laundering-bill.html\" target=\"_blank\" rel=\"noopener noreferrer\">NA\u2019s Finance Committee approves anti-money laundering bill<\/a><\/p>\n<p>Additionally, the document mentions that the provisions of this framework are not a replacement of the old instructions issued on money laundering; rather they are meant to supplement them. The compliance of these directives will not absolve the banks from the legal and regulatory obligations that apply under the prevailing anti-money laundering or terror-financing laws or regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan has issued new guidelines for banks dealing in foreign exchange to restrict misuse of banking channels for trade-based money laundering and terror-financing \u2013 a news source reported. Read:\u00a0FBR calls session to review progress on FATF action plan The document issued by the central bank noted that the main method used by such people involves transfers through legitimate transactions by under-invoicing, over-invoicing, short\/over shipment and obfuscation of type of goods\/services among other things. Read:\u00a0Declaration of foreign assets, income must for Pakistanis: FBR The main purpose of the new framework is to improve the AML\/CFT regime on trade. It is also meant to conserve the foreign exchange and applies to all banks that deal with it. Read:\u00a0NA\u2019s Finance Committee approves anti-money laundering bill Additionally, the document mentions that the provisions of this framework are not a replacement of the old instructions issued on money laundering; rather they are meant to supplement them. The compliance of these directives will not absolve the banks from the legal and regulatory obligations that apply under the prevailing anti-money laundering or terror-financing laws or regulations.<\/p>\n","protected":false},"author":57,"featured_media":23688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[13462],"persona":[],"class_list":{"0":"post-56394","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-sbp-issues-instructions-for-banks-to-stop-money-laundering","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP issues instructions for banks to stop money laundering - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The State Bank of Pakistan has issued new guidelines for banks dealing in foreign exchange to restrict misuse of banking channels for trade-based\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-issues-instructions-for-banks-to-stop-money-laundering.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP issues instructions for banks to stop money laundering - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The State Bank of Pakistan has issued new guidelines for banks dealing in foreign exchange to restrict misuse of banking channels for trade-based\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-issues-instructions-for-banks-to-stop-money-laundering.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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