Pakistan drew a lot of attention on the issue of money-laundering and terrorists funding since 9/11, but it was never found involved in any crime. — File photo

KARACHI, Jan 6: A US Treasury delegation will meet senior economic managers in Islamabad on Monday to exchange views on the problem of money-laundering and terrorists funding.

Finance ministry and State Bank officials said the US delegation comprising four to five officials would hold talks with Finance Minister Dr Abdul Hafeez Shaikh, SBP Governor Yaseen Anwar and other officials. The delegation may also meet Prime Minister Yousuf Raza Gilani.

Pakistan drew a lot of attention on the issue of money-laundering and terrorists funding since 9/11, but it was never found involved in any crime. Transactions in and outside Pakistan have been under harsh scrutiny.

The strict checks on remittances from abroad put an end to all illegal channels and banks took charge of such transactions.

Under the Anti-Money Laundering Ordinance promulgated in 2007, money-laundering is a punishable offence, with a rigorous imprisonment term between one and 10 years, a fine of up to one million rupees and forfeiture of property.

On Friday, the State Bank directed all exchange companies to meticulously follow the anti-money laundering and countering the financing of terrorism regime by submitting suspicious transactions manually or electronically directly to the Financial Monitoring Unit.

The SBP also asked banks and development finance institutions to conduct due diligence before opening of an account.