PBA continues its commitment to bolstering the financial sector’s defenses against trade-related risks by hosting a specialized training session on Trade-Based Money Laundering (TBML) in Karachi. This training, held on November 30, 2023, was a part of the broader agenda set by The International Finance Corporation (IFC), an affiliate of the World Bank Group.
The session was crafted based on insights from the comprehensive three-day Train the Trainers (TTT) Program organized by the IFC in Nairobi, Kenya, in October. PBA’s senior officers, Amjad Iqbal, Head of Legal & Regulatory Affairs, and Yawar Shamin, Head of Strategic Projects & Initiatives, who attended the TTT, led the TBML training.
The initiative aimed to equip bank officials with essential knowledge and tools to combat trade-related money laundering. It aligns with the State Bank of Pakistan’s (SBP) requirements for financial institutions to adopt stringent measures in line with regulatory frameworks and international standards. The training emphasized the importance of continuous staff training to identify and report suspicious TBML activities to the Financial Monitoring Unit (FMU).
Source:PBA