Role of FIA in Investigating Benami Accounts and its Usage for Money Laundering in Khyber Pakhtukhwa

Abstract

FIA play important role in combating Money Laundering through Benami accounts being the main Federal investigating agency of Pakistan. The legal framework and intuitional framework for Benami accounts was explored. This started with promulgation of Anti-Money Laundering Ordinance, 2007 with establishment of Financial Monitoring Unit. The rules of State Bank, SECP, FBR and other relevant departments has also been improved. The Ordinance was then re-introduced in 2010 as Anti Money laundering Act, 2010 with major changes. Since then, FIA and other investigating agencies receive suspicious transactions reports of accounts from all Banks. Benami accounts have been mainly used for money laundering in all forms of predicate offences. After FATF’s listing of Pakistan in Grey list, Pakistan has greatly improved its regime of countering Benami accounts and Money Laundering. The main aim of this thesis and work was to know the role of FIA in investigating Benami accounts and its subsequent use in money laundering across. This was quantitative research work was used in which data was collected from officials of FIA Posted in different circles of Peshawar Zone.