Anti Money Laundering Laws

Partners

Overview

Today’s world is a global village and virtual world. With the increase in international trade and travelling, the world has also been exposed to the threats of parking ill-gotten money, which also helps in terror-financing or any other criminal activities.

It is due to these reasons that strict conditions/ recomme-ndations are levied by ‘Financial Action Task Force’ (FATF) (an inter-governmental body to watch the global money laundering and terrorist financing) to prevent money-laundering in order to ensure that only legal economic activities are carried out and in case of violations, various sanctions are placed to make it difficult for unscrupulous elements to misuse the economic transactions for corruption, money-laundering and terror financing.

As per the recommendations of FATF, the government has recently amended the Anti Money Laundering Act 2010 in 2020 extending scope of the Act to a wide range of businesses and professions.

Outline

Overview of the Anti Money Laundering Act 2010, especi-ally with reference to the Anti Money Laundering (Second
Amendment) Act, 2020, covering following topics:

Money Laundering
Beneficial ownership
Authorities/Regulatory Bodies
Designated non-financial businesses and professions or DNFBPs
Requirements while entering into a business transaction / relationship, policies & procedures, record-keeping, etc.
Investigation and Investigating or prosecuting agency
Penal Actions
Appeals

Objectives

An interactive learning session, with live and advance Q&As, participant’s feedback on learning outcome achievement. A slide deck of relevant annexures to be provided to the registered participants.

Methodology

An investment in knowledge pays the best interest. – Benjamin Franklin

Our Eminent Speaker

Emad-ul-Hasan (FCA & LL.B)

Advocate Supreme Court | Partner, M/s. Abrar Hasan & Co., Advocates & Legal Consultants

Mr. Emad-ul-Hasan a practicing Advocate of High Court and Supreme Court of Pakistan cum Fellow of Chartered Accountants (FCA) will conduct the session along with his team as under:

Mr. Rizwan AhmadPartner/ Advocate High Court
Mr. Shujaat AbbasSenior Associate/ Advocate High Court
Mr. Affan MahdiAssociate/ Advocate

Emad has an overall 34 years plus varied work experience of External & Internal Audit, Compliance, Tax Consultancy, Accounts/Finance, Legal Practice, within and outside Pakistan.

Emad extensively worked in Audit, Internal Audit & Compliance, especially heading Internal Audit and Compliance Departments of two big financial institutions. During the same period the Code of Corporate Governance by SECP, Internal Control Guidelines and Risk Management Guidelines by SBP were promulgated, hence Emad got a good opportunity to deeply understand the internal controls to mitigate various risks, eliminating obsolescence and redundancies to mitigate operational risks, brining efficiencies and effectiveness in the operations.

Emad is an acclaimed trainer and so far has carried out a number of training workshops and learning sessions. His one day workshop ‘‘Legal Issues for CFOs and Senior Finance Professionals’ launched by TerraBiz has been held for 12 times at Karachi, Lahore and Islamabad. Emad designed and developed this workshop using his knowledge and experience of working in corporate sector, especially internal audit to apprise the participants that how good internal controls can mitigate the litigation risk and save opportunity cost.

Who Should Attend
Resources

Who Should Attend

All those who establish a business relationship or enters into a economic transaction with a party must be aware about the requirements of AML laws, as any bad relationship has serious consequences for an organization.

Kindly note that the amendments also encompass builders, developers, jewelers, chartered accountants, lawyers and others i.e. these laws are no more confined to financial institutions only. Even these laws are applicable to individuals also i.e. ‘Beneficial Owners’.

Resources

Kindly note that the law is applicable besides financial institutions, to DNFBPs also as under:

S.2 (xii) “Designated non-financial businesses and professions or DNFBPs” mean the following persons, namely:-

(a) Real estate agents, including builders and real estate developers, when performing the prescribed activities in the prescribed circumstances and manner.

(b) Dealers in precious metals and precious stones, including jewellers and gem dealers, when performing the prescribed activities in the prescribed circumstances and manner.

(c) Lawyers, notaries, accountants and other legal professionals who carryout monetary transactions for their clients concerning the following activities.

(I) managing, operating, buying and selling of real estate, legal persons and legal arrangements and preparing documents therefor.

(II) Managing of client money, securities or other assets.

(III) Managing bank, savings or securities accounts or

(IV) Organizing contributions for the creation, operation or management of companies.

(d) Trust and company service providers, when they carry out monetary transactions or services for a client concerning the following activities.

(I) acting as a formation agent of legal persons.

(II) Acting as or arranging for another person to act as a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons.

(III) Providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement.

(IV) Acting as or arranging for another person to act as a trustee of a trust or performing the equivalent function for another form of legal arrangement.