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It is an independent intelligence service department of the Government of Pakistan and primarily responsible for analyzing transactions, money laundering cases, building efforts against the terrorist financing, and all sorts of financial crimes within the jurisdiction of financial laws of Pakistan.
The Fake accounts case is a case being heard by the Supreme Court of Pakistan (SCP) under which former President of Pakistan Asif Ali Zardari, his sisters Faryal Talpur [1] and Azra Fazal Pechuho, [2] Zardari's aide Khowaja unwar and his sons Khoja are accused of money laundering through 29 fake accounts registered in Summit Bank, Sindh Bank, and United Bank Limited under people's names who ...
In 1988, the bank was implicated as the center of a major money laundering scheme. After a six-month trial, BCCI, under immense pressure from U.S. authorities, pleaded guilty in 1990, but only on the grounds of respondeat superior. While federal regulators took no action, Florida regulators forced BCCI to pull out of the state. [18]
DUBAI/KARACHI, Pakistan, Feb 19 (Reuters) - The United Arab Emirates' central bank is investigating Pakistan's largest bank to ascertain if it violated anti-money- laundering and terrorism ...
An international watchdog said Friday it is removing Pakistan from its so-called “gray list” of countries that do not take full measures to combat money laundering and terrorism financing, a ...
The term "money laundering" dates back to the days of Al Capone; money laundering has since been used to describe any scheme by which the true origin of funds is hidden or concealed. Money laundering is the process by which large amounts of illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the ...
On 23 July 1998, the Swiss Government handed over documents to the government of Pakistan which relate to corruption allegations against Benazir Bhutto and her husband. [9] The documents included a formal charge of money laundering by Swiss authorities against Zardari. The Pakistani government had been conducting a wide-ranging inquiry to ...
According to the letter of the law, banks must use different methods to identify and prevent money laundering. Not only do bank employees pay attention to each transaction as it's being made, but ...