Disclosure of Information – Section 34 of AML Act 2010

Financial Monitoring Unit (FMU) Government of Pakistan 2nd Floor, SBP Main Building, I.I Chundrigar Road, Karachi. No. FMU/AMLA/001/2019 May 23, 2019. DISCLOSURE OF INFORMATION - SECTION 34 OF AML ACT 2010. In terms of Section 4(c) of Anti-Money Laundering Act (AML Act) 2010, Financial Monitoring Unit (FMU), “disseminate on a confidential basis, after analyzing the Suspicious Transaction Reports, and CTRs and other record, necessary information or materials to the concerned investigating or prosecuting agencies for enquiry or other action under this Act or any other applicable law.” Further, in terms of Section 34 of AML Act, 2010 defines that, (1) The directors, officers, employees and agents of any reporting entity, financial institution, non-financial business or profession or intermediary which report a suspicious transaction or CTR pursuant to this law or any other authority, are prohibited from disclosing, directly or indirectly, any person involved in the transaction that the transaction has been reported. (2) A violation of the sub-section (1) is a criminal offence and shall be punishable by a maximum term of three years imprisonment or a fine which may extend to five hundred thousand rupees or both. (3) Any confidential information furnished by a financial institution, non-financial business and profession, or any other person under or pursuant to the provisions of this Act, shall be kept confidential by the FMU, investigation agency or officer as the case may be. The information disseminated under the provisions of AML Act, 2010 by FMU in the shape of financial intelligence, is intended to provide lead to the law enforcement agencies in proactively detecting the cases of money laundering and/or terrorist financing or other predicate crimes. However, the source of financial intelligence is not supposed to be disclosed in any inquiry, investigation or legal proceedings or to any other stakeholder except required under AML Act, 2010. All the concerned authorities are advised to ensure compliance and maintain confidentiality of the information shared by FMU, Regulatory Bodies or the Reporting Entities. Further, all the Regulatory Bodies are advised to issue instructions to its Reporting Entities for strict compliance with the provisions of AML Act, 2010. In case of violation of the above, the enforcement action shall be initiated under the provisions of AML Act, 2010. Sd/- Director General. Copy to: 1. The PSO to Governor, State Bank of Pakistan (SBP) 2. The Chairman, Securities & Exchange Commission of Pakistan (SECP) 3. The Chairman, Federal Board of Revenue (FBR) 4. The Chairman National Accountability Bureau (NAB) 5. The Director General Federal Investigation Agency (FIA) 6. The Director General I&I – FBR (Inland Revenue) 7. The Director General I&I – FBR (Customs) 8. The Director General Anti-Narcotics Force (ANF) 9. The Director General - CFT, National Counter Terrorism Authority (NACTA) 10. All Provincial CTDs