ENGLISH 1 MONEY LAUNDERING AND DUTIES OF CORPORATE DIRECTORS
IN OVERALL SCENARIO
Keywords:
Corporate Governance- Money laundering- Fiduciary duties- Financial Action Task Force- Bitcoins- Legislation-Board Oversight-Compliance-Whistleblowing-SECP-Prudential RegulationsAbstract
In recent times, money laundering has emerged as a mucky crime that results in economical misbalance not only in a particular country but globally as well. It not only affects a country financially but politically and morally as well. To deal with this issue, several countries have established anti-money Laundering Laws. America is the first country that enacted these laws and later other states legislated those laws to curb the situation. Financial Action Task Force (FATF) is responsible to implement and monitor anti-money laundering laws around the world, but within the financial institutions, it is the duty of its board of directors to keep a check on the compliance of these laws and regulations. In Pakistan, anti-money laundering laws were installed in 2010. There are many institutions such as SEC, SBP, FIA, and NAB etc., to control the crime of money laundering but still, we need much effective legislation in this regard.
