Money-Laundering in Pakistan: Methods and means of Money Laundering and its connection with Terror Financing

Abstract

Money laundering is a global issue causing threats to the security and stability of countries around the world. There are different means and methods used for money laundering all over the world. The purpose of this study is to define money laundering with special reference to Pakistan. The study starts with the delineation of the concept “Money Laundering”, its stages, methods to carry out such and its impact on national, regional and global socio-economic indicators. It discusses money laundering in Pakistan and significant channels that are deeply rooted in it. It analysis the loopholes in the previous laws, flaws in prosecuting agencies, and administrative drawbacks that permeated this issue on Pakistani soil. In the last part, this study discussed the current legal setup dealing with money laundering and finally review the legislation and agencies in Pakistan concerning Money Laundering.