ISLAMABAD: The Financial Monitoring Unit (FMU) has disseminated 34 suspicious financial reports during a check on suspicious transactions. Moreover, FMU has forwarded 1060 Suspicious Transaction Reports (STRs) under the Anti Money Laundering Act 2010 to Law enforcement Agencies (LEAs) during the last five years.
The FMU has a vision to be an effective and highly regarded Financial Intelligence Unit in the domestic, regional and international fight against money laundering and terrorist financing conforming to the highest international standards, ethics and professional conduct.
Mission of the FMU is to effectively augment efforts of domestic law enforcement agencies, regulators and other stakeholders in detection and prevention of threats emanating from money laundering and terrorist financing activities and providing the essential interface with such efforts elsewhere within the entrusted legal mandate in an efficient, substantive and effective manner.
Information furnished by the financial institutions to FMU is kept confidential due to sensitivity and protection of innocent persons as per Anti Money Laundering (AML) Act, 2010 and international best available practices.
The strategic goals of FMU include to build a highly trained, efficient, professional & dedicated core personnel base, to develop a strong reporting culture locally among financial institutions and designated businesses and professions to make a distinctive contribution to the domestic and international fight against money Laundering and terrorist financing as well as to be an effective and recognized model of financial intelligence gathering, analysis and dissemination in Pakistan.
Furthermore strategic objectives include to create and deepen, Anti Money Laundering (AML) & Combating the Financing of Terrorism (CFT), awareness across Pakistan and develop related on-line services, identify, recruit and train top quality staff in all spheres of FMU operations, to be at the vanguard of IT developments and implementation, to effectively and efficiently perform the core functions of an FIU, integrate use of latest software tools for data retrieval, mining and analysis etc and to adopt latest techniques for preparing and disseminating strategic reports.
This information had been collected after lethargic and hectic procedures of monitoring millions of financial transactions as there was 12.9% in fiscal year 14 as compared to previous fiscal year in both local and foreign currency deposits.
Local Currency Deposits with domestic scheduled banks were Rs. 7,390 billion by June last year as compared to Rs. 6,559.5 billion for the same period last year showing a growth of 12.7%. Similarly, the Foreign Currency Deposits with domestic scheduled banks stood at Rs. 661.5 billion by end of June last year as compared to Rs. 574.9 billion for same period last year showing a growth of 15.1 %.
