New rules forthcoming to meet FATF conditions

• Specialized agencies to probe money laundering cases
• Special prosecutors to be hired to ensure implementation

The government is set to introduce new rules on forfeiture, management and auction of properties and assets relating to Anti-Money Laundering (AML) cases and transfer of investigations and prosecution of AML cases from police, provincial anti-corruption establishments (ACEs) and other similar agencies to specialized agencies to achieve remaining benchmarks of the Financial Action Task Force (FATF).

This is part of two sets of rules including the AML (Forfeited Properties Management) Rules 2021 and the AML (Referral) Rules 2021 under the National Policy Statement on Follow the Money approved by the federal cabinet meeting a few days ago.

These rules and related notifications for certain changes in existing schedule of Anti-Money Laundering Act 2010 (AML) would come into force immediately to be followed by appointment of administrators and special public prosecutors for implementation.