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ORDINANCE XXVII OF 2009 ORDINANCE XXVII OF 2009 ANTI-MONEY LAUNDERING ORDINANCE, 2009 An Ordinance to provide for prevention of money Laundering [Gazette of Pakistan, Extraordinary, Part I, 26th November, 2009] No.2 (I) 12009-Pub., dated 26-11-2009.--The following Ordinance promulgated by the President is hereby published for general information: Whereas, it is expedient to provide for prevention of money laundering and forfeiture of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto; And, whereas the National Assembly is not in session and the President is satisfied that circumstances exist which render it necessary to take immediate action; Now, therefore, in exercise of the powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance:- 7. Procedure and manner of furnishing information by the financial institutions or reporting entities.--(1) Every financial institution shall file with the FMU, to the extent and in the manner prescribed by the FMU, Suspicious Transaction Report conducted or attempted by, at or through that financial institution if the financial institution and reporting entity knows, suspects, or has reason to suspect that the transaction (or a pattern of transactions of which the transaction is a part):- (i) Involves funds derived from illegal activities or is intended or conducted in order to hide or disguise proceeds of crime; (b) Is designed to evade any requirements of this section; or (c) Has no apparent lawful purpose after examining the available facts, including the background and possible purpose of the transaction; or (d) Involves financing of terrorism: Provided that Suspicious Transaction Report shall be filed by the financial institution or reporting entity with the FMU immediately, but not later than seven working days after forming that suspicion. (2) Any other government agency, autonomous body or regulatory authority, may share intelligence or report their suspicions within the meaning of suspicious transaction report or CTR to FMU in normal course of their business and the protection provided under section 12 shall be available to such agency, body or authority. (3) All CTRs shall, to the extent and in the manner prescribed by the FMU, be filed by the financial institutions or reporting entities with the FMU immediately, but not later than seven working days, after the respective currency transaction. (4) Every reporting entity shall keep and maintain all record related to Suspicious Transactions Reports and CTRs filed by it for a period of at least five years after reporting of transaction under subsections (1), (2) and (3). (5) The provisions of this section shall have effect notwithstanding any obligation as to secrecy or other restriction on the disclosure of information imposed by any other law or written document. (6) Notwithstanding anything contained in any other law for the time being in force, any Suspicious Transactions Reports required to be submitted by any person or entity to any investigating or prosecuting agency shall, on the commencement of this Ordinance, be solely and exclusively submitted to FMU to the exclusion of all others.