By Sajid Chaudhry
Asian Development Bank (ADB) will assist State Bank of Pakistan (SBP) to strengthen the anti-money laundering regime including effective consolidation of AML/Combating Financing of Terrorism (CFT) monitoring and analytical measures within a single financial intelligence unit.
An international consulting firm will be engaged to provide services pertaining to setting up of a Financial Management Unit in the State Bank of Pakistan in this regard, stated detailed Terms of Reference (TORs) developed for the hiring of the services of international firm and experts for Support to Governance Reforms in Pakistan “Strengthening Anti-Money Laundering Regime in Pakistan.”
Qualified consulting firm to be appointed that is capable of providing the experts like Anti-Money Laundering Expert, Forensic Accounting Expert, Financial Intelligence Unit Database Expert, Law Enforcement and Legal Expert, Securities and Banking Expert, Assist in the establishment of the Financial Monitoring Unit (FMU) in the State Bank of Pakistan (SBP) in accordance with the new Anti-Money Laundering (AML) Law.
The Asian Development Bank (ADB) has approved the provision of a technical assistance cluster (TAC) to the Government of Pakistan for a value of $11.5 million for “Support to Governance Reforms in Pakistan.” The TAC is being financed by the Department for International Department (DFID), UK and provides a flexible financing mechanism to support a range of ongoing governance-related initiatives in Pakistan.
On the request from the SBP, a subproject titled “Strengthening Anti-Money Laundering Regime in Pakistan” is being financed from the TAC under the sub-cluster Accountability, Transparency and Anticorruption. A consulting firm will be hired under this subproject, to set up a Financial Management Unit in the SBP. Selected firm and experts also to assist in elaborating the roles, functions and organization of the FMU, including preparation of an organization chart; providing recommendations on FMU staffing (number of staff and position/title) for each of the years 2008 and 2009 and projected for subsequent periods. It will prepare draft standard operating procedures for FMU staff.
It will develop mechanisms for effective cooperation and collaboration among the concerned regulatory and law enforcement agencies, review compliance requirements for banks and non-bank financial institutions under the new AML Law, and, in consultation with SBP and concerned agencies, draft implementing regulations for the new AML law (draft amendments as needed); provide technical advice with respect to AML practices, systems, and programs that should be instituted to ensure compliance with the AML Law.
It will prepare, in consultation with SBP staff, draft Memoranda of Understanding (MOUs) between the FMU and other jurisdictions in accordance with IOSCO principles and best international practices, and assist the FMU in developing coordination mechanisms and procedures for mutual assistance programmes.
http://www.dailytimes.com.pk/default.asp?page=2008%5C01%5C05%5Cstory_5-1-2008_pg5_1
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