Anti-Money Laundering Act 2010

Preamble of this act says, “whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto”.

Basic purpose of this legislation is punishing those who are involved in black money which is also used for terrorism and other criminal matters. It is Federal Legislation and it extends to the whole of Pakistan.

Section 21 of this act says that every offence under this act is non-bailable and non-cognizable. Section 3 of this act defines the offence of money laundering. This section states that a 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 the true nature, origin, location, disposition, movement or ownership of property, knowing or having reason to believe that such property is proceeds of crime;

(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, facilitates, or counsels the commission of the acts specified in clauses (a), (b) and (c).