In 2019, Pakistan was grey listed by the Financial Action Task Force (FATF) for having strategic deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. In collaboration with the Asian Development Bank’s Trade Finance Program, FSVC therefore provided technical assistance to the State Bank of Pakistan (SBP-their Central Bank), commercial banks and money transfer operators to begin to address several of these deficiencies.

At the request of the SBP, FSVC conducted a training program on trade-based money laundering (TBML), a key area identified by FATF in its mutual evaluation of Pakistan. The training focused on helping the SBP, commercial banks and money transfer operators gain a better understanding of the risks and drivers of TBML, and provide international examples of TBML.

Program Impact

  • 250 financial sector participants trained to address FATF recommendations on TBML, including regulators from the SBP, and CEOs and senior management from Pakistani commercial banks and money transfer operators.
  • The Government of Pakistan shared with FATF and the Asia/Pacific Group (the FATF-style regional body) the success of the training and lessons learned to help Pakistan address TBML going forward, and in line with international standards.