SBP brings framework to stop misuse of cross-border trade.

The State Bank of Pakistan (SBP) has introduced a regulatory framework for authorised dealers (ADs) - banks dealing in foreign exchange - to mitigate the misuse of cross-border trade transactions for money laundering, terrorist financing and proliferation financing. Transferring value through legitimate trade transactions has become an increasingly attractive avenue for people involved in money laundering, terror financing and proliferation financing as they are able to easily obscure their transactions in significant volumes of...