The federal government is planning to establish white-collar crime reporting units Under Financial Action Task Force’s (FATF) conditions, revealed sources from the Ministry of Finance.
The newly established units will report to the State Bank of Pakistan (SBP), Federal Board of Revenue and the judicial system.
Sources further revealed that FATF would provide a basic framework for the establishment and performance of the units but the end of August under the supervision of SBP, Ministry of Law and Ministry of Finance. Reporting formula will be created in commercial banks, FBR and offices working under the judicial system, they added.
In addition, it will be mandatory to report assistance in corruption and money laundering. The units will be provided with technical support from the Financial Monitoring Unit (FMU) in this regard.
A joint team will be formed consisting of member from the SBP and Ministers of Law and Finance for the purpose of reporting. The team will analyze the reporting and hand over the task of legal proceedings to the legal experts.
In addition, the joint team will also select the reporting units in the three institutions making sure that officials with anti-white crime skills are given the responsibility of operations. Direct contact between the teams in the three institutions will not be allowed and each unit will submit its report to the committee separately.
After receiving individual reports, the committee will send a summary for action on the final report to the officials of the SBP and the two ministries. After reviewing the final report, legal action will be initiated and special anti-white collar legal units will be established for legal action.
It is to be noted that with the FATF’s onsite visit expected in October, the government will most likely approve the proposal to fulfil FATF’s conditions.
