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AML Supervision

Anti-Money Laundering & Countering Financing of Terrorism

Pakistan is obligated to comply with the "International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation" issued by the Financial Action Task Force (FATF Recommendations). Pakistan is also subject to FATF mutual evaluations on the adoption and implementation of FATF Recommendations.

In this regard, Pakistan has enacted the Anti-Money Laundering Act, 2010 (the AML Act) and Anti-Terrorism Act, 1997.

The AML Act places obligations on the accountancy profession, requiring AML/ CFT regulatory and supervisory measures.

The Government of Pakistan, through its notification dated December 23, 2019 has notified the Institute of Chartered Accountants of Pakistan as a Self- Regulatory Body (SRB) of its members for AML/CFT supervision. As a SRB, the Institute is obligated to prescribe regulatory and supervisory measures for the chartered accountants in practice falling under the scope of DNFBPs, to ensure compliance with the provisions and obligations specified under the AML Act. 

The Institute as a SRB for AML/CFT supervision of chartered accountants in practice has issued Draft Framework for Regulation and Supervision of Chartered Accountants to Comply with Anti-Money Laundering & Countering the Financing of Terrorism (AML & CFT) Requirements for members consultation.

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