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MONEY LAUNDERING A FINANCIAL CRIME HOW PAKISTAN DEALS WITH IT

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06 Pages : 41 - 51

http://dx.doi.org/10.31703/glsr.2022(VII-I).06      10.31703/glsr.2022(VII-I).06      Published : Mar 2022

Money Laundering a Financial Crime: How Pakistan Deals with It?

Abstract

    Money laundering (ML) is a worldwide delinquent that needs to be addressed by every state. Its purpose is to hide or promote illicitly. The illegal actions generate financial flows, including diverting resources away from economically productive activities that may influence financial sectors and the external stability of the state. The Financial Action Task Force (FATF) and the other anti-money laundering (AML) programs are one of the strategies to prevent ML, but still, there is a need to know more about the existing laws and regulations to avoid this crime. This research examines the legislative frameworks used to combat ML, how it works, and what modification is required. The qualitative method was used in this study to analyze statutes, local and international protocols. It suggests that the latest amendment creates multiple essential modifications and is carefully prepared to address legal glitches, assuring effective AML legislation and trying to meet international guidelines.

    Money Laundering, Corruption, Terrorism Funding, Financial Action Task Force, Drug Trafficking, Market Manipulation, Financial Crime

    (1) Naheeda Ali
    Assistant Professor, Department of Law, The University of the Punjab, Gujranwala Campus, Gujranwala, Punjab, Pakistan.
    (2) Kanwal Iqbal Khan
    Assistant Professor, Institute of Business and Management, University of Engineering and Technology Lahore, Punjab, Pakistan.
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Cite this article

APA

CHICAGO

    CHICAGO : Ali, Naheeda, and Kanwal Iqbal Khan. 2022. "Money Laundering a Financial Crime: How Pakistan Deals with It?." Global Legal Studies Review, VII (I): 41 - 51 doi: 10.31703/glsr.2022(VII-I).06

HARVARD

    HARVARD : ALI, N. & KHAN, K. I. 2022. Money Laundering a Financial Crime: How Pakistan Deals with It?. Global Legal Studies Review, VII, 41 - 51 .

MHRA

    MHRA : Ali, Naheeda, and Kanwal Iqbal Khan. 2022. "Money Laundering a Financial Crime: How Pakistan Deals with It?." Global Legal Studies Review, VII: 41 - 51

MLA

    MLA : Ali, Naheeda, and Kanwal Iqbal Khan. "Money Laundering a Financial Crime: How Pakistan Deals with It?." Global Legal Studies Review, VII.I (2022): 41 - 51 Print.

OXFORD

    OXFORD : Ali, Naheeda and Khan, Kanwal Iqbal (2022), "Money Laundering a Financial Crime: How Pakistan Deals with It?", Global Legal Studies Review, VII (I), 41 - 51

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