Regulatory Alerts2007-10-04
Gazette Notification for FMU’s Establishment
The Federal Government formally enacted the Anti-Money Laundering Ordinance, 2007, effective from October 4, 2007. Pursuant to this Ordinance, the Financial Monitoring Unit (FMU) was established under the State Bank of Pakistan. Additionally, a National Executive Committee was constituted, chaired by the Federal Minister for Finance or Advisor to the Prime Minister on Finance, to oversee Anti-Money Laundering operations.
THE GAZETTE OF PAKISTAN, EXTRAORDINARY, PUBLISHED BY AUTHORITY, KARACHI, FRIDAY NOVEMBER 23, 2007. PART II. Statutory Notifications containing Rules and Orders issued by all Ministries and Divisions of the Government of Pakistan and their Attached and Subordinate Offices and the Supreme Court of Pakistan. GOVERNMENT OF PAKISTAN, MINISTRY OF FINANCE AND REVENUE (Finance Division) [INTERNAL FINANCE WING] NOTIFICATIONS, Islamabad, the 4th October, 2007. S.R.O. 83 (KE) 2007 : In exercise of the powers conferred by sub-section (3) of section 1 of the Anti-Money Laundering Ordinance, 2007 (XLV of 2007), the Federal Government, is pleased to appoint the 4th day of October, 2007, as the date on which the said Ordinance shall come into force. [No. F. 3(40)BKG(R&S)94]. (391). THE GAZETTE OF PAKISTAN, EXTRA., NOV. 23, 2007 [PART II]. 392. S.R.O. 84 (KE) 2007 : In pursuance of sub-section (1) of section 6 of the Anti-Money Laundering Ordinance, 2007 (XLV of 2007), the Federal Government is pleased to establish the Financial Monitoring Unit (FMU), with immediate effect and to specify that the FMU shall be housed in State Bank of Pakistan. [No. F. 3(40)BKG(R&S)94]. S.R.O. 85 (KE) 2007 : In pursuance of sub-section (1) of section 5 of the Anti-Money Laundering Ordinance, 2007 (XLV of 2007), the Federal Government is pleased to constitute the National Executive Committee which shall consist of the following members, namely :— Chairman (a) Federal Minister for Finance or Advisor to the Prime Minister on Finance. Members (b) Senior Adviser to the Prime Minister on Foreign Affairs, Law, Justice and Human Rights. (c) Minister for Law, Justice and Human Rights. (d) Minister for Interior. (e) Governor State Bank of Pakistan. (f) Chairman Securities and Exchange Commission of Pakistan. (g) Director-General of Financial Monitoring Unit. 2. The Director-General of FMU shall also act as Secretary of the National Executive Committee. [No. F. 3(40)BKG(R&S)94]. NAZRAT BASHIR, Joint Secretary (IF). PRINTED BY THE MANAGER, PRINTING CORPORATION OF PAKISTAN PRESS, KARACHI PUBLISHED BY THE DEPUTY CONTROLLER STATIONERY AND FORMS, KARACHI