Law: Anti Money Laundering Act, 2010

Section: 3

Law: Constitution of Pakistan, 1973

Section: 184(3)

Law: Federal Investigation Agency Act, 1975

Section: 5

(a) Anti-Money Laundering Act (VII of 2010)--- ----S. 3---Federal Investigation Agency Act, 1974 (VIII of 1975), S. 5---Constitution of Pakistan, Art. 184(3)---Human Rights case---Fake/benami bank accounts connected with various individuals and entities used for money laundering---Formation of Joint Investigation Team ("JIT")---Federal Investigation Agency ("FIA") which was investigating the fake/benami bank accounts contended that progress of investigation was slow on account of huge quantity of electronic data that required unravelling and interpretation; that in order to conduct effective, in-depth and incisive investigations to discover the truth, a broad based, multidimensional and technically skilled team of experts was required which at present was not available with FIA; that on account of alleged involvement of high profile and powerful political and business figures with the tainted transactions, who had powerful connections within the government, investigation was being seriously hampered and at times wilfully obstructed at every stage, and that the Supreme Court should, therefore, form a Joint Investigation Team ("JIT") to investigate the present matter---Held, that record produced prima facie showed that fake accounts had been opened in various Banks in the names of persons whose Computerized National Identity Cards (CNICs) had been misused without their consent or knowledge---Many such persons appeared before the Supreme Court and categorically stated that they had no knowledge of the accounts in question---Huge sums of money running into billions had been deposited in the said accounts by or on behalf of the persons who were under investigation or entities controlled by them---After being deposited in the said accounts, such funds had either been routed to other accounts which were traceable with some due diligence or withdrawn without any ostensible trail available---Evidence of large sum of foreign exchange being routed out of the country through hawala transfers by one of the arrested suspects had added an additional dimension to the investigation---Specialized knowledge of financial transactions and expertise in identifying and tracing…

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