Money Laundering as an Organized Crime: The Legal and Institutional Measures for Controlling Money Laundering in Pakistan

Abstract

Combating money laundering is not an easy job since it is world phenomena and world’s societies are supposed to cope with it. The Financial Action Task Force and other anti-money laundering initiatives have been devised in order to tackle the menace of money laundering. Pakistan, being the victim of money laundering, has also devised many prevention strategies in order to control money laundering. These include Anti money Laundering Ordinance 2007, Anti Money laundering Act 2010, Anti Money laundering Regulations 2015 and the Anti Money laundering Act 2015. The Federal Investigation Agency and National Executive Committee are some of the measures being devised in order to control and prevent money laundering. This literature-based paper is intended to describe the process, nature, effects and the legal and institutional measures for controlling money laundering in Pakistan.