Dear Member,

It is to inform you that Federation of Pakistan Chamber of Commerce & Industry vide its letter no.FPCCI/CIR/SP(2010) dated May 20, 2010 has informed that the Parliament has promulgated the Anti-Money Laundering Act, 2010 (the act) which prescribes that any person, including an individual, a firm, an entity, an association or a body of individuals, whether incorporated or not, a company and every other juridical person, shall be guilty of offence of money laundering, if the person:-

(a) Acquires, converts, possesses uses or transfers property, knowing or having reason to believe that such property is proceeds of crime;

(b) Conceals or disguises that true nature, origin, location, disposition, movement or ownership of property, knowing or having reason to believe that such property is proceeds of rime;

(c) Holds or possesses on behalf of any other person any property knowing or having reason to believe that such property is proceeds of crime; or

(d) Participates in, associates, conspires to commit, attempts to commit, aids, abets, facilities, or counsels the commission of the acts specified in clauses (a), (b) and (c). 

For further information you may please contact:

Mr. Muhammad Siddique
Director
Company Law Division
The Securities and Exchange Commission of Pakistan (SECP)
National Insurance Corporation Building
Jinnah Avenue, Islamabad
Tel: +92-51-9205869
Email: muhammad.siddique@secp.gov.pk

Yours sincerely,


Majid Shabbir
Secretary General