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Partnering Against Corruption Initiative

BEGGARING PAKISTAN THROUGH “DEMOCRACY”

When criminals or the corrupt disguise the original ownership and control of the proceeds of criminal conduct by making them appear to have derived from a legitimate source, this is known as money-laundering. Billions of dollars of criminally derived money is laundered through financial institutions every year globally, however criminal money can be laundered without assistance of the financial sector. The nature of the services and products offered by the financial services industry (namely managing, controlling and possessing money and property belonging to others) means that it is vulnerable to abuse by money-launderers.

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HYBRID WARFARE AGAINST CORRUPTION

Anti-money laundering and countering financing of terrorism (AML/CFT) in line with Pakistan’s action plan agreed with Financial Action Task Force (FATF), continues to be a serious problem. The Oct 31 World Economic Forum’s (WEF) “Partnering Against Corruption Initiative” (PACI) Fall Meeting in Geneva agreed that without conforming to international standards there can be no effective implementation of laws. Without adequate proof of assets and money trail it is almost impossible to prove a crime in court when our methods and tools of investigation in the emerging countries remain outdated. Developed countries, where most of the ill-gotten money/assets reside, pontificate endlessly about adhering to the “rule of law”, where is the morality of not practicing what they preach by not cooperating in implementing the laws on their own statute books? The prosecution process being weak is further compounded by our criminal investigations/indictment invariably being waylaid by political influence and/or outright bribery.

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Curse of Corruption – Part 1

After an inordinate delay Qamar Zaman Chaudhry has been appointed the NAB Chairman. A credible bureaucrat with an impeccable record, he has the right CV. The unfortunate controversy about his appointment could have been avoided by bringing Pakistan Tehrik-i-Insaf (PTI), the third largest party in the National Assembly (NA), into the consultations. The delay underscores […]

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