Financial Monitoring Unit

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Financial Monitoring Unit
مالی نگرانی واحد
AbbreviationFMU
Agency overview
Formed1 October 2007; 11 years ago (2007-10-01)
Jurisdictional structure
Operations jurisdictionPakistan
Legal jurisdictionConstitution of Pakistan
Governing bodyGovernment of Pakistan
Operational structure
Overviewed byIslamabad, Pakistan

Website
www.fmu.gov.pk

The Financial Monitoring Unit (Urdu: مالی نگرانی واحد‎, abbreviated as FMU) is an intelligence service department active within the Ministry of Finance (MoF), Government of Pakistan and under regulations of State Bank of Pakistan. Established in 2007, it is responsible for analyzing money laundering cases, building efforts against the terrorist financing, and all sorts of financial crimes within the jurisdiction of financial laws of Pakistan.

Financial Monitoring Unit was established to ensure compliance with the Pakistan's Financial Action Task Force (FATF)’s recommendations on Anti-Money laundering (AML) and terrorist financing.

Overview[edit]

The Financial Monitoring Unit (FMU) has been established under the Anti-Money Laundering Act, 2010 in order to act as the Financial Intelligence Unit of Pakistan. The basic functions of FMU are to receive and analyze the Suspicious Transactions Reports (STRs) as well as Currency Transactions Reports (CTRs) from its designated reporting entities. The FMU may disseminate the Financial Intelligence to the concerned Law Enforcement Agencies (if required) for their further necessary action in this respect. It is headed by a BS 21 Director General from Federal Civil Services of Pakistan.

Financial Monitoring Unit (FMU) Anti-Money Laundering Software[edit]

IN a long-awaited move, the State Bank has finally inaugurated a Anti-Money Laundering system for the automated detection of possible money laundering and terror financing that uses the banking system.Now, with a little help from the UK government and the UN Office of Drugs and Crime, an automated system will track millions of transactions and be able to flag suspicious ones instead of the authorities having to wait for banks to manually generate reports, a task that was being performed by branch personnel until now.

See also[edit]

External links[edit]

References[edit]

  1. ^ "NACTA". Retrieved 3 January 2015.