Pakistan, UK sign MoU to prevent money laundering, terror financing

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LONDON: In a bid to prevent the money laundering and terror financing, Pakistan and Britain have signed a MoU under which both the countries will enhance financial intelligence sharing in this regard.  According to media report, a delegation headed by FMU Director General Mansoor Siddiqui signed the agreement with the United Kingdom’s Financial Intelligence Unit (FIU) while on a visit to the UK. A press release issued on the occasion stated that the FMU in Pakistan and the FIU in the UK had signed a MoU for the establishment of a channel facilitating the efficient exchange of financial intelligence.

The delegation held meetings with British law enforcement agencies (LEAs) and discussed how to enhance coordination between the FIU and LEAs. The team also familiarised itself with the workings of the FIU, the press release stated.

As a result of the visit, LEAs on both sides will now have the opportunity to exchange information and carry out more effective investigations. The FMU has already signed MoUs with Turkey, Sri Lanka, Iran, Turkmenistan and Kazakhstan, while agreements with China, the United Arab Emirates, Qatar and Malawi are being finalised and are expected to be signed soon.

Earlier, on Monday, Prime minister’s special assistant on accountability Mirza Shahzad Akbar revealed that his country had signed a memorandum of understanding (MoU) with the United Kingdom to extradite wanted individuals to Pakistan, adding the development would also make it possible for his government to bring back the country’s former finance minister Ishaq Dar who currently resides in England.
Faced with serious corruption charges, Dar left Pakistan in October 2017 to attend a regional economic conference but did not return to his country. In a letter sent to an accountability court, he said that he was suffering from diffuse coronary heart disease and needed medical treatment abroad.
In December 2017, the court declared him an absconder and in October 2018 it ordered the government to auction Dar’s movable and immovable properties.
On Monday, Shahzad Akbar announced in a tweet that he had had productive meetings with UK Home Secretary Sajid Javid and Minister of State for Asia and the Pacific at the Foreign and Commonwealth Office Mark Field. “UK signs first ever MoU for extradition to Pakistan, setting legal basis for extradition of Ishaq Dar in absence of a treaty,” he said in a twitter post.