UNODC and FMU Host Conference on AML Challenges

Islamabad - 11 June 2024 (Adnan Hameed) : The United Nations Office on Drugs and Crime (UNODC), in collaboration with the Financial Monitoring Unit (FMU), organized a conference on 10th June in Karachi titled ‘Navigating the Future of AML: Sustaining Solutions for Financial Integrity.’ The event brought together key stakeholders to discuss the critical aspects of maintaining compliance and strengthening frameworks following Pakistan's removal from the FATF’s increased monitoring which is commonly referred to as grey list. The conference aimed to foster collaboration among banks, financial institutions, criminal justice institutions, regulatory authorities, policymakers, international donor partners to address emerging money laundering threats and share international best practices. Ms. Shamshad Akhtar graced the event as the Chief Guest and congratulated FMU and UNODC for organizing the successful event. In her remarks, she emphasized that “as a new round of Mutual Evaluation (ME) will commence by Asia Pacific Group (APG) for its members, Pakistan would have to demonstrate further improvements in our systems and processes, therefore we must remain committed to combating money laundering through continuous dedication and innovative approaches”. In her opening remarks, the Director General of FMU, Ms. Lubna Farooq Malik, highlighted the collective efforts that led to Pakistan's successful removal from the FATF grey list and emphasized the importance of sustaining these efforts. "This conference serves as a convergence platform for key AML stakeholders to harness a shared vision for a secure financial future," she stated. The UNODC Country Representative, Mr. Jeremy Milsom underscored the transformative role of the UNODC, both strategically at the national level and operationally on the ground, with capacity-building of relevant stakeholders through innovative solutions under sustainable AML reforms in Pakistan. "Our goal is to catalyze a robust AML regime and ensure financial integrity. Today’s discussions are crucial for sustaining these measures and in addressing new emerging threats," he said. The conference featured sessions on various topics, including trade-based financing, crypto currency as ways to launder illicit funds across borders, while identifying areas where synergies between the State Bank of Pakistan, Financial Monitoring Unit, financial institutions, and law enforcement agencies could be formed to sustain AML measures over the long-term. UNODC is committed to promoting national coordination and regional and international cooperation on issues concerning money laundering and terrorism financing. Experts from UNODC’s Global Programme against Money Laundering (GPML), Proceeds of Crime and the Financing of Terrorism. GPML presented insights on international trends and best practices while identifying areas in which UNODC supports Member States. The event aimed to enhance awareness of AML frameworks among stakeholders, improve understanding of post-FATF challenges, and foster a sustainable and collaborative approach to chart a mutual way forward in mitigating money laundering risks in Pakistan.