Enforcement of Anti-Money Laundering Policies in Pakistan
A Narrative Review
DOI:
https://doi.org/10.48112/tibss.v2i4.943Abstract
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This paper assesses the enforcement of Anti-Money Laundering (AML) policies in Pakistan, specifically in financial/bank reporting, risk, and Know-Your-Customer (KYC) policies for 2020-2024. Therefore, this paper proposes a narrative literature review for methodological advancements. This narrative literature review employed a comprehensive analysis of existing research on global money laundering trends, focusing on developed and developing countries. The methodology involved reviewing studies related to AML policies, KYC practices, risk management strategies, and financial reporting to synthesize critical themes and insights. The results indicate that Pakistan has made progress in aligning its AML policies with international standards, including improved KYC measures and financial monitoring. However, challenges like inconsistent enforcement, weak financial reporting standards, and corruption persist. Strengthening financial integrity and regulatory oversight is crucial for improving AML's effectiveness in the country. Policy recommendations emphasize strengthening regulatory enforcement, enhancing financial reporting standards, improving KYC practices through technological integration, and addressing corruption to ensure more effective AML measures in Pakistan.
Keywords:
Anti-money laundering, Financial integrity, Global money laundering trends, Narrative literature review, Regulatory enforcementReferences
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