Pakistan publishes TBML and terrorist financing framework
State Bank of Pakistan (SBP) has published a Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing. The prime objective of the framework is to strengthen Pakistan’s trade related anti-money laundering and counter financing of terrorism (AML/CFT) regime and conserve foreign exchange.
Saudi Arabia and Pakistan agree trade data exchange to curb misinvoicing
Saudi Arabia and Pakistan have reached a formal agreement to exchange data on values of imported and exported goods to control under- and over-invoicing. The agreement responds to Financial Action Task Force (FATF) recommendations for Pakistan.
Calls for Pakistan’s authorities to stamp out imported tyre under-invoicing
The founder, chairman and chief executive of Pakistan-based Panther Tyres is calling on the government to curb under-invoicing of imported tyres so that domestic tyre manufacturers can compete on a level playing field. But Mian Iftikhar Ahmed, who is also chairman of All Pakistan Tyres…
Pakistan wants additional export documents to curb misinvoicing
In an apparent bid to cut down on misinvoicing and improve revenue collection, Pakistan’s Federal Board of Revenue (FBR) is requiring exporters to submit additional documentation if they want export clearance. All export consignments from Pakistan on letter of credit (L/C) terms or on the…
Pakistan’s FBR gets new powers to crack down on trade-based financial crime
Pakistan’s government has empowered the Federal Board of Revenue (FBR) to conduct raids at the premises of those who are allegedly involved in storing undeclared goods in what appears to be a crackdown by Islamabad on trade-based financial crime. Chairman of FBR, Shabbar Zaidi, meanwhile…
Calls for Pakistan’s FBR to clampdown on trade-based financial crime
Business leaders in Pakistan are calling for the Federal Board of Revenue (FBR) to seriously address a wide range of trade-based financial crimes. Pakistan Ships Agents Association and former vice president of the Federation of Pakistan Chambers of Commerce and Industry, Tariq Haleem, are urging…
Pakistan’s new FTA with China to curb misdeclaration and under-invoicing
Pakistan’s special advisor for commerce, textiles and investment, Abdul Razak Dawood, says he expects a new Free Trade Agreement (FTA) with China, complete with measures to trade-based money laundering (TBML), to be operational by July. Dawood recently travelled to China with Pakistan’s Prime Minister Imran…
Californian almonds under-invoiced to fund terrorism in Jammu and Kashmir
Californian almonds are being used in trade-based money laundering (TBML) operations centred on trading across the Line of Control (LoC) between the Indian and Pakistani controlled parts of the former state of Jammu and Kashmir. The high quality almonds are being used in cross-LoC trade…
US state department names major money laundering countries for 2018
The US state department has published its 2019 International Narcotics Control Strategy Report (INCSR). It contains a full volume on money laundering activity worldwide that includes an extensive commentary on the growing number of jurisdictions in which trade-based financial crime is becoming an increasing menace….
Pakistan to take major steps to curb TBML and smuggling
Pakistan’s Federal Board of Revenue says it will take major steps to counter money laundering, including the establishment of a Customs Border Force (CBF) to clamp down on trade-based money laundering (TBML) and smuggling. The FBR is also embarking on an audit of money exchangers…
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