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Anti Money Essay

2502 words - 11 pages

Anti-Money Laundering Act 2010

2. Definitions.-In this Ordinance, unless there is anything repugnant in the subject or context,-
(a) “attachment” means prohibition of transfer, conversion, disposition or movement of property by an order issued under section 8; (c) “CTR” means report on currency transactions exceeding such amount as may be specified by the National Executive Committee; (d) “Court” means the Court specified under section 20 (e) “Director General” means the Director General of FMU appointed under section 6; (f) “financial institutions” includes any institution carrying on any or more of the as listed in section 2(f). (g) “fiscal offence” means an offence punishable under ...view middle of the document...

(q) “prescribed” means prescribed by rules made under this Ordinance; (r) “proceeds of crime” means any property derived or obtained directly or indirectly by any person from the commission of a predicate offence or a foreign serious offence; (s) “property” means property or assets of any description, whether corporeal or incorporeal, movable or immovable, tangible or intangible, and includes deeds and instruments evidencing title to, or interest in, such property or assets, including cash and monetary instruments, wherever located;

(t) “predicate offence” means an offence specified in the Schedule to this Ordinance having nexus with money laundering, but does not include fiscal offence; (u) “record” includes the records maintained in the form of books or stored in a computer or any electronic device, or such other form as may be prescribed; (y) “Suspicious Transactions Report” means the report on suspicious accounts transactions specified under section 7; and (z) “transfer” means sale, lease, purchase, mortgage, pledge, gift, loan, or any other form of transfer of right, title, possession or lien.

3. Offence of money laundering.– A person shall be guilty of offence of money laundering, if the person: (a) acquires, converts, possesses or transfers property, knowing or having reason to believe that such property is proceeds of crime; or
(b) renders assistance to another person for the acquisition, conversion, possession or transfer of, or for concealing or disguising the true nature, origin, location, disposition, movement or ownership of property, knowing or having reason to believe that such property is proceeds of crime, (c) holds or possesses on behalf of any other person any property knowing or having reason to believe that such property is proceeds of crime or (d) participates in, associates, conspires to commit, attempts to commit, aids, abets, facilitates or counsels the commission of the acts specified in clauses (a), (b) and (c).

4. Punishment for money laundering.-Whoever commits the offence of money laundering shall be punishable with rigorous imprisonment for a term which shall not be less than one year but may extend to ten years and shall also be liable to fine which may extend to one million rupees and shall also be liable to forfeiture of property involved in the money laundering.

Provided that the aforesaid fine may extend to five million rupees in case of a company and every director, officer or employee of the company found guilty under this section shall also be punishable under this section.

6. Financial Monitoring Unit.-(1) The Federal Government shall, by notification in the Official Gazette, establish a Financial Monitoring Unit which shall be housed in SBP or at any other place in Pakistan. (2) The FMU shall have independent decision making authority on day-to-day matters coming within its areas of responsibility. (3) A Director General who shall be a financial sector specialist who shall be appointed...

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