A high-tech Data Center launched to tackle money laundering in Pakistan

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February 13, 2017
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A high-tech Data Center to tackle money laundering and terrorism financing has been inaugurated at Financial Monitoring Unit, Karachi.

The Governor of State Bank of Pakistan (SBP), Mr. Ashraf Mahmood Wathra, British High Commissioner, Mr. Tom Drew, and Mr. Cesar Guedes, Representative of United Nations Office on Drugs and Crime (UNODC) inaugurated the Data Center at FMU.

Money laundering and the financing of terrorism are global problems that can threaten the security and stability of financial institutions, destabilize the economy and weaken governance systems.

Previously, the analysis of financial data was done manually at FMU, which was time-consuming and prone to human error. The new Data Center operates on a customized software, goAML. The goAML system is an integrated software solution that combats money laundering by monitoring money collection and analyzing any suspicious financial transactions in an efficient manner. It facilitates the rapid exchange of information among banks, industries, law enforcement agencies and judicial authorities.

The Data Center is a result of 3 years of tireless efforts of the UK Department for International Development (DFID), the FMU, and the UNODC. SBP Governor appreciated their struggles and also advised banks and financial institutions to bring their system at par with the upcoming goAML system. He believed that the new Data Center will lead to a better integrity of the overall financial system in Pakistan.

Country Representative UNODC, said, “Today will be recorded and remembered as another meaningful day for the people of Pakistan in making one more step forward towards combatting corruption and building a society in which suspicious financial transactions and financing of terrorism are monitored, deterred and prevented.”

The UK High Commissioner said that the Data Center will enhance the business relations between Pakistan and UK.

FMU is a central agency in Pakistan which investigates the financial concerns and alleged money laundering offences or terrorism financing.

UNODC is a global leader in investigating the matters relating to drug abuse, trafficking, corruption and terrorism.

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