An Analysis of Anti-Money Laundering Framework in Pakistan
DOI:
https://doi.org/10.55737/qjssh.vi-i.25315Keywords:
Anti-Money Laundering, Cash, Government Authorities, Taxes, Economy, Gery ListAbstract
Money Laundering is a covert transfer of cash from one place to another without notice to the relevant government authorities with the reason for avoiding taxes, hiding fraudulently earned wealth, and converting that money into valid assets. This involves three stages i.e. Placement, Layering, and Integration. Money laundering damages the economy of a country in a way that the financial sector institutions which are important for economic growth are slowed down. Hence, corruption and crime are promoted. When money laundering grows then it promotes two of its major sectors i.e. drug trafficking and terrorist organizations. That is why money laundering is an international threat. Pakistan has also been confronted with this issue. However, since 2010 there has been a lot of progress in Pakistan on controlling Money Laundering and Anti-Money Laundering Laws and regulations. Pakistan has been on "the Grey List" for lengthy spam because challenges are faced by the Government in the fight against ML and Terrorism Financing. Western Countries have largely gained control over money laundering. On the other hand, in the past Pakistan was again on the verge of being added to "the grey List" because some ineffective efforts were being made to counter it.
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