Working Group Meetings for Financial Experts

The Working Group was attended by financial experts including those from the banking and private sectors, along with governmental agencies such as the Financial Monitoring Unit, National Accountability Bureau, Federal Investigation Agency, the Federal Board of Revenue as well as Counter-Terrorism Departments (CTDs) along with the RSIL research team.

RSIL’s research and engagement in this area indicated that investigators and prosecutors did not explore the broad spectrum of financial information which can be used as potential evidence during ML/TF investigations. They also lacked clarity and guidance of the legal processes through which this information can be lawfully obtained. Investigators and prosecutors were also found to make little effort in obtaining information from designated non-financial businesses and professions (DNFBPs) such as lawyers, jewelers, real estate agents, and notaries, all of whom are designated as reporting entities for Suspicious Transaction Reports (STRs) under the AMLA 2010.

Consequently, the aims of the WG2 were as follows:

• Identify the broad spectrum of Financial Information which can potentially be used as Evidence in AML/CFT related Offences
• Develop Standard Operating Procedures (SOP’s) on Obtaining Financial Evidence
• Work upon Guidelines of Understanding and Analyzing Financial Evidence