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Casual Articles - Analysis Of Pakistan's Anti-Money Laundering Bill
While the gift of an organ for someone dying is a fantastic gift, and an airplane with good weather is a huge gift if one is caught in "Denver's Weather". One Santa that was on TV tonight gave away perfectly operating used cars for women with kids and inadequate income to buy a decent running car. Another type of gift can be one that returns "Thanks" forever; the gift of venture capital.I agree, this is pretty "me-me!" or perhaps it can be considered selfish. It also might be neither. One could discover, after reading books on start-up financing, that, excluding those with savings in the bank, fewer than one in one hundred "ideas for a new business" ever get financed. OK, boo hoo. We can't all get what we want. True. But what are the consequences of not getting financed and what are the risks to the funders? Let's examine this perhapsvery risky field of venture capital and see if there are any ways of making investing, FOR THE investor, safer than a Vegas crap shoot!?Every book on venture capital indicates that
It is pertinent to mention that the said Committee has not yet been given any legal briefing on the bill as such. However, RSIL is likely to be invited by the Committee for a formal presentation on the bill.
Eminent lawyer and international law expert, Mr. Ahmer Bilal Soofi is of the opinion that the bill presently being debated in the Parliament travels far beyond the minimum requirements of complian
When a good employee starts performing poorly, it may be something outside the workplace that is causing his performance to suffer. Is his marriage in trouble? Does he have crushing debt? Did a parent recently die? You will learn this only if you talk directly to the employee. If you are respected and trusted, he should have no trouble confiding in you.An excellent guide to diagnose the behavior of the employee is Maslow’s Ladder. Abraham Maslow was a psychologist who studied successful people, unlike some other famous psychologists who studied less successful or mentally ill people. Maslow believed that people are basically good and that their actions could be explained by the satisfaction of a hierarchy of needs, which encompasses five levels. As one level of need is satisfied, then satisfying the next need level becomes the focus of the individual. This is called Maslow’s Ladder and is condensed below.Physiological Needs – Food, water, sleep, airSafety Needs – A home, family, physical security
In the wake of post 9/11 counter-terrorism efforts, and a universal desire to eliminate financing opportunities for sponsoring acts of terrorism, it has become crucial for states to be able to keep track of any suspect transfers of money. This requires the assistance of financial institutions and most banks have already developed compliance departments with specific Anti Money Laundering (AML) contact points within such departments. However, Pakistan needs to enact a proper legislation for ensuring such compliance, and properly investigating, criminalizing and prosecuting money laundering offences
The enactment of an anti-money laundering law has been an agenda item at most top level meetings and Pakistan has been under pressure for the quick passage of the said law from western governments, loan granting institutions and other international forums such as the Financial Action Task Force (FATF) and the Asia Pacific Group (APG).
Furthermore, United Nation Security Council Resolution 1617, passed under Chapter VII of the UN Charter and therefore binding on all member countries, ‘Strongly urges all Member States to implement the comprehensive, international standards embodied in the FATF Forty Recommendations on Money Laundering and the FATF Nine Special Recommendations on Terrorist Financing’.
The Financial Action Task Force, an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing, developed the Forty plus Nine Recommendations, which now form the benchmark for anti-money laundering initiatives and measures.
The AML bill is presently pending before the parliament for approval and the National Assembly Standing Committee on Finance & Revenue (“Committee”) has already been briefed by Mr. Omar Ayub Khan on the said bill earlier this month and the Committee has also made certain objections to the provisions so far discussed.
The Committee is likely to discuss the rest of the bill in the coming week and since the provisions of the bill are now under consideration and the text of the bill has been opened up by the Committee itself for discussion, the Research Society of International Law (RSIL) thought it appropriate to conduct a workshop for the stakeholders to highlight and discuss its concerns regarding the text of the bill. The said workshop was attended by representatives from 20 governmental, sub-state and financial organizations and a productive debate on the subject was thus initiated.
It is pertinent to mention that the said Committee has not yet been given any legal briefing on the bill as such. However, RSIL is likely to be invited by the Committee for a formal presentation on the bill.
Eminent lawyer and international law expert, Mr. Ahmer Bilal Soofi is of the opinion that the bill presently being debated in the Parliament travels far beyond the minimum requirements of complianc
Have you been considering writing a book and just cannot seem to find the time? Well you might be surprised that you will have all the time in the world if you're caught unable to evacuate from a major category hurricane, which is ready to make landfall near where you live.For instance during the 2005 Atlantic tropical hurricane season many people who failed to evacuate were stuck in their homes for three to four weeks without power or water. Many people who decide to stay during large tropical hurricanes are smart in that they are careful to stock up with water and food. But without TV, telephone or anything to do, one would get very bored, yet if you are writing a book you might be able to finish the entire work and subsequent drafts completely.If you find the 2006 Atlantic tropical hurricane season forcing you to evacuate or putting you to position where you have to stay home, perhaps you'll figure out a way to hook up the car battery to an inverter and do a little writing, while you wait for the authorities to
The enactment of an anti-money laundering law has been an agenda item at most top level meetings and Pakistan has been under pressure for the quick passage of the said law from western governments, loan granting institutions and other international forums such as the Financial Action Task Force (FATF) and the Asia Pacific Group (APG).
Furthermore, United Nation Security Council Resolution 1617, passed under Chapter VII of the UN Charter and therefore binding on all member countries, ‘Strongly urges all Member States to implement the comprehensive, international standards embodied in the FATF Forty Recommendations on Money Laundering and the FATF Nine Special Recommendations on Terrorist Financing’.
The Financial Action Task Force, an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing, developed the Forty plus Nine Recommendations, which now form the benchmark for anti-money laundering initiatives and measures.
The AML bill is presently pending before the parliament for approval and the National Assembly Standing Committee on Finance & Revenue (“Committee”) has already been briefed by Mr. Omar Ayub Khan on the said bill earlier this month and the Committee has also made certain objections to the provisions so far discussed.
The Committee is likely to discuss the rest of the bill in the coming week and since the provisions of the bill are now under consideration and the text of the bill has been opened up by the Committee itself for discussion, the Research Society of International Law (RSIL) thought it appropriate to conduct a workshop for the stakeholders to highlight and discuss its concerns regarding the text of the bill. The said workshop was attended by representatives from 20 governmental, sub-state and financial organizations and a productive debate on the subject was thus initiated.
It is pertinent to mention that the said Committee has not yet been given any legal briefing on the bill as such. However, RSIL is likely to be invited by the Committee for a formal presentation on the bill.
Eminent lawyer and international law expert, Mr. Ahmer Bilal Soofi is of the opinion that the bill presently being debated in the Parliament travels far beyond the minimum requirements of complian
LAST time we talked about the financial travails of one Stacy Fentress, whose credit card experiences cost her time with her boyfriend and a US $75,000 debt to settle. Thankfully through help from the Consumer Credit Counseling Service, she can pay that debt in five year’s time.Still, five years time is a long time though not quite exactly a lifetime for some like Fentress who had been given a new financial lease on life. But then she is not alone.A “Debt Today” article published online by CNN cited a Federal Reserve Board report that said more than half of US households are in some form of credit card debt.This doesn’t take into account the debts incurred from other loans like cash advances. And when in debt, certain credit card borrowers like Fentress would display certain coping behavior in order to ease the burden.These behavior traits include not totaling the debt balance on their credit cards, a form of denial cited by financial expert David Bach. A trait that can also be found In people engaged in
The Financial Action Task Force, an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing, developed the Forty plus Nine Recommendations, which now form the benchmark for anti-money laundering initiatives and measures.
The AML bill is presently pending before the parliament for approval and the National Assembly Standing Committee on Finance & Revenue (“Committee”) has already been briefed by Mr. Omar Ayub Khan on the said bill earlier this month and the Committee has also made certain objections to the provisions so far discussed.
The Committee is likely to discuss the rest of the bill in the coming week and since the provisions of the bill are now under consideration and the text of the bill has been opened up by the Committee itself for discussion, the Research Society of International Law (RSIL) thought it appropriate to conduct a workshop for the stakeholders to highlight and discuss its concerns regarding the text of the bill. The said workshop was attended by representatives from 20 governmental, sub-state and financial organizations and a productive debate on the subject was thus initiated.
It is pertinent to mention that the said Committee has not yet been given any legal briefing on the bill as such. However, RSIL is likely to be invited by the Committee for a formal presentation on the bill.
Eminent lawyer and international law expert, Mr. Ahmer Bilal Soofi is of the opinion that the bill presently being debated in the Parliament travels far beyond the minimum requirements of complian
There are many forms of marketing yourself and/or your business. Email marketing is one of those ways. However, with any marketing strategy there are correct and incorrect ways of performing them. Writing a responsive email is one correct way of email marketing. Let us look at how exactly to write a responsive email.First, decide what the email is going to be in response to. For example: if providing an email confirmation for an order recently placed the email will need to have the order or confirmation number, the person’s name, shipping address, and billing address enclosed. Furthermore it should have an estimated shipping date to follow. This will serve as a receipt for the customer.If answering an ad for something, the email should contain wordage including “thank you for your interest in…., we will be responding to you within….. If you have any questions please contact by. These simple, yet courteous procedures will provide the reader with your genuine respect and consideration.Follow up with your responsi
The Committee is likely to discuss the rest of the bill in the coming week and since the provisions of the bill are now under consideration and the text of the bill has been opened up by the Committee itself for discussion, the Research Society of International Law (RSIL) thought it appropriate to conduct a workshop for the stakeholders to highlight and discuss its concerns regarding the text of the bill. The said workshop was attended by representatives from 20 governmental, sub-state and financial organizations and a productive debate on the subject was thus initiated.
It is pertinent to mention that the said Committee has not yet been given any legal briefing on the bill as such. However, RSIL is likely to be invited by the Committee for a formal presentation on the bill.
Eminent lawyer and international law expert, Mr. Ahmer Bilal Soofi is of the opinion that the bill presently being debated in the Parliament travels far beyond the minimum requirements of complian
Presentation folders can be your best - or worst - marketing spend. Presentation folders that look great and get opened cannot be beat for creating a lasting impression and getting your message across. But unfortunately many presentation folders get tossed. Why? Because the folders look unprofessional, feel "cheap" in the hands or have no message that compels people to open them.Can you do better? Yes. You simply need to know a few secrets; some easy-to-use tricks of the trade.For starters, think of your presentation folders much like a direct mail piece or marketing e-mail. The mission with those marketing tools is simple: get the recipient to open up your message. Presentation folders take this a step further by being not only a carrier of information but a place to keep that information long-term.Here are five professionally proven secrets to keeping your presentation folders - and your message - out of the trash and in front of your audience.Secret #1: Use Lots of Color – Including White
It is pertinent to mention that the said Committee has not yet been given any legal briefing on the bill as such. However, RSIL is likely to be invited by the Committee for a formal presentation on the bill.
Eminent lawyer and international law expert, Mr. Ahmer Bilal Soofi is of the opinion that the bill presently being debated in the Parliament travels far beyond the minimum requirements of compliance. According to him, the bill needs to be modified; otherwise, it shall create serious operational impediments which will even make the minimum compliance more difficult. Resultantly, at the end of the day, despite having made the law, the international community will view Pakistan as not seriously complying with anti-money laundering measures and obligations. Mr Soofi represented Pakistan in the UN General Assembly negotiations on the United Nations Convention against Corruption (UNCOC), which contained provisions on money laundering and also participated in the FATF/APG evaluation of Pakistan’s compliance.
Pakistan is not only obliged to adopt such policies under UNSC Resolution 1617, but there are other obligations under the UN Convention on Drugs, an obligation to provide Mutual Legal Assistance to requesting states, a strong international state practice in this respect under several UN Conventions and annual reporting of anti-money laundering measures by Pakistan under US Law. From another point of view, Pakistan, by virtue of being a developing country should strive to adopt anti-money laundering and terrorist financing policies in order to help, protect and build its economy.
In this regard RSIL considers that there is no need to create Special Courts on anti-money laundering, as proposed in the bill. The charge of money laundering should be framed either in the courts that try predicate offences or in general courts as a stand-alone charge. Other states have not encouraged setting up specialized anti-money laundering courts. Moreover, the FATF Recommendations do not require it, then why should Pakistan set up a parallel judicial system for prosecuting offences that are inherently linked with existing offences that are tried in existing courts?
Furthermore, under international requirements, money laundering should be prosecutable as a stand-alone crime without first convicting an offender for the predicate offence. The proposed law does not comply with this obligation.
RSIL maintains that the definition of money laundering in the proposed bill is also flawed. The correct definition is found in the Vienna Convention or the Palermo Convention. The said definitions are approved by FATF. They calibrate the role of the main offender and the accomplice with the penal consequences, whereas, the definition in the present bill is unnecessarily wide.
RSIL also maintains that the bill must specifically exclude such remittances that are made for avoidance of income tax as fiscal offences are not included in the list of predicate offences. Furthermore, there is a need f
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