Data Centre For Tracking Money Laundering and Terrorism Financing Inaugurated

Tracking down money laundering and terrorism financing will now be easier thanks to a new high tech data centre that was inaugurated by the Governor of the State Bank of Pakistan, the British High Commissioner and the Representative of the United Nations Office on Drugs and Crime (UNODC) at the Financial Monitoring Unit in Karachi.

This new, state of the art, integrated data center for anti-money laundering and countering terrorism financing was established with the financial assistance of the UK Department for International Development (DFID) and support of UNODC. The centre is going to host a specialist analytical suite of software (goAML) developed by UNODC.

Data Center will enable the Financial Monitoring Unit to automate collection and analysis of suspicious financial transactions being received from banks, exchange companies and other reporting entities in Pakistan.

Moreover the integrated system will enhance the capability of FMU in disseminating financial intelligence to designated law enforcement agencies in an efficient manner.

Previously, analysis of financial data at the autonomous Financial Monitoring Unit was undertaken manually which was slow and vulnerable to oversights. Now, the customized software and high precision equipment installed in the new data center will allow the Financial Monitoring Unit to analyse suspicious transactions and currency transactions in a more robust, sophisticated and automated manner.

This centre will greatly enhance FMU’s capacity to generate more meaningful financial intelligence with the prospect of identifying, prosecuting, and deterring a greater number of criminals and terrorists operating in the country.

The Governor of the State Bank said: “I am confident that FMU’s Data Centre will strengthen its ability to generate better financial intelligence which would help our law enforcement agencies in successful investigations and prosecutions of money launderers and terrorism financers.

” Mr. Thomas Drew CMG, British High Commissioner said: “The UK Government is proud to have supported the establishment of the Financial Monitoring Unit’s data centre, as part of the Pakistan Government’s wider commitment to tackle financial crime. This is a great step forward by Pakistan to meet its international obligations and close the space for money laundering and terrorism financing in the country.”

The Representative for the United Nations Office on Drugs and Crime, Mr Cesar Guedes said: “The launch of the data centre at FMU today and its future utilisation for the goAML system supported by the UNODC will be recorded as a significant step taken for the People of Pakistan to build a transparent, just, and fair society in which suspicious financial transactions and financing of terrorism are monitored, deterred and prevented.”

The Director General for the Financial Monitoring Unit, Syed Mansoor, said: “The fusion of this hard and soft technology is ready to give FMU the edge that we required, and with the assistance of our reporting entities, FMU will disseminate financial intelligence with a lot more substance, which will eventually assist our LEAs in successful conclusion of investigations”

  • Do you really think that a real money laundering tracking “High tech” data center can operate under this “democracy”?

    • You are going off topic.
      Money sent by such people are never through banks , always hundi & hawala are channels. Overseas Pakistanis specially from KPK in majority prefer using these illegal ways sending billions everyday to families. Directly or indirectly they became channels of transfer of black money or finances to terrorists. Such heavens are openly doing business in Taank, Bannu, Kohat, Peshawar Qissa Khawani Bazar. It is also very common in Karachi. 90% of labor class working overseas uses these channels for sending remittances.

      • Haan, gullu League se ziada koun jata hai money laundering k tarikay. Gullu League is world certified in money laundering. Thanks for sharing your experiences.

        • Listen you are getting personal, either you are too immature, less educated or have a small vision, without knowing me you are filling this space for no reason.

          Alhamdollah I have never sent money through hundi. People I interact, people who work for me or do business with me 90% of them use hundi to remit. I use a Pakistani bank for legitimate money transfer and I have never received money from Pakistan through any mean.

          You need to give up your political affiliations for sometime during the discussion (try this may be you can), I mention the same to those who claim to be “good” Pakistanis and point finger at rulers but are much more involved in this hundi practice than people from any other province. For your info I belong to the same province more involved in this practice as it is so openly done there.

          Hundi basically helps transfers of money from Pakistan without actual legal transfer of foreign remittance to Pakistan.

      • I agree with you here. but why are you narrowing this to specific areas? It happens in all of Pakistan no matter which area one lives. I think basic reason behind that behind that is “People” don’t want to pay for transfer of hard earned money while they can transfer it for free. Specially labour class does it as they earn too low for all the hardships they have to bear in foreign countries.

  • Future News :

    At Morning :
    Abhi Abhi Hamay Pata Chala Hai
    Data Center Ko Hack Kar Liya Gya Hai, Waha K Page Pe likha howa hai
    ” Hum Na Ho Hamary Bad NAWAZ NAWAZ ”

    At Evening :
    Abhi Abhi Hamay Pata Chala Hai
    Data Center Main Aag Lag Gai Hai
    ” AAG Kafi Unchay Darjay Ka Hai Or Sara Record Jal Gaya Hai “

  • Great initiative taken by State Bank. Technology implementation is inevitable in every department of country for progress & growth.

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