Pakistan: State Bank Issues Framework for Managing Risks of Trade-Based Money Laundering and Terrorist Financing

On October 14, 2019, the Exchange Policy Department of the State Bank of Pakistan (SBP) published a framework document for authorised dealers on managing risks of trade-based money laundering and terrorist financing.

The main objective of this framework is to strengthen the trade-related anti-money laundering/counter-terrorism financing (AML/CTF) regime, enhancing the systems and controls of authorised dealers and strengthening policies and procedures.

This framework applies to all banks authorised by the SBP to deal in foreign exchange.

The framework advises authorised dealers to create policies and procedures for clients, including:

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