Economic Crime Wing
Banking, corporate and financial crime, money laundering and the initiatives that fight them.
Economic Crime Wing deals with investigation of the offences related to Financial Crimes; (Money Laundering, Hundi/ Hawala, Illegal Money or Value Transfer Services (MVTs), STRs/FIRs (Financial Intelligence Reports) & fraud committed in relation with banking business, wilful default matters etc.)
Our Achievements
- Recovered RS. 15313819 form Sindh of BISP
- Recovered RS. 6909998 form Punjab of BISP
- Recovered RS. 21,796,017 form KPK of BISP
Mandate
- Foreign Exchange Regulation Act-1947
- Anti Money Laundering Act-2010
- Banking Companies Ordinance-1962
- Financial Institutions Recovery Ordinance
- Offences of Pakistan Penal Code-1860 on the schedule of
- Certain offences of Pakistan Penal Code-1860 on the schedule regarding offences related to banking business
Main Function
- To analyze laws relating to Economic Crimes and to suggest amendments, if required;
- Data Collection and analysis
- Analysis of daily progress reports
- Collection of data on seizures, confiscation and attachment
FATF
- ECW compiled, presented and defended the report on IO-7 Money Laundering in the mutual evaluation of Pakistan in May, 2021 which resulted in 06 out of 07 recommended actions being largely complied.
New initiatives 8
- Execution of MOUs with Police, FBR, NADRA and SBP for enhanced Inter-agency cooperation
- Close coordination with FMU in conducting enquiries and registration of cases on STRs
- Special focus on registration and investigation of cases under AMLA-2010 and FERA-1947
- AML Desk working (collects information and data from SECP, FBR, FMU & SBP and provides to field units of FIA)
- Risk Based Approach on ML
- Referral of ML cases by Provincial Police to FIA
- SOPs/ Guidelines issued: i) Illegal MVTs investigations, ii)ML investigations, iii) Use of financial intelligence, iv) Asset Recovery and Management
- Establishment of dedicated units: i) Asset Management and Recovery Unit (AMRU), ii) International Cooperation Unit (ICU), iii) Financial Intelligence Unit (FIU), iv) Data Access Centre (DAC), v) AML Desk with members from SBP, SECP, FMU & FBR