Money Laundering a Financial Crime: How Pakistan Deals with It?
Year: 2022
Type: article
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.
Source: Global Legal Studies Review
Authors: Naheeda Ali, Kanwal Iqbal Khan
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4294707403