Tracking down money laundering and
terrorism financing will now be easier thanks to a new high-tech data centre
inaugurated by State Bank of Pakistan Governor, the British High Commissioner
and the Representative of the United Nations Office on Drugs and Crime (UNODC)
at the financial monitoring unit (FMU) in Karachi on Friday.
This new, state-of-the-art, integrated data centre for anti-money
laundering and countering terrorism financing was established with the
financial assistance of the UK Department for International Development (DFID)
and support of UNODC.
The centre is going to host a specialist analytical suite
of software (goAML) developed by UNODC. It will enable the FMU to automate
collection and analysis of suspicious financial transactions being received
from banks, exchange companies and other reporting entities in Pakistan.
Moreover, the integrated system will enhance the
capability of FMU in disseminating financial intelligence to designated law
enforcement agencies in an efficient manner.
Previously, analysis of financial data at the autonomous
FMU was undertaken manually which was slow and vulnerable to oversight. Now,
the customised software and high precision equipment installed in the new data
centre will allow the FMU to analyse suspicious transactions in a more robust,
sophisticated and automated manner. On the occasion the SBP Governor showed his
confidence in the new data centre and said it will strengthen its ability to
generate better financial intelligence.
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