Section 6: Powers and Functions of the Authority

6. Powers and Functions of the Authority.—(1) The Authority shall act as overarching body for implementation by the relevant competent authorities under the relevant laws with respect to anti- money laundering, countering of financing of terrorism and targeted financial sanctions; (2) Without prejudice and generality of the foregoing, the Authority shall have following powers and functions:— (a) to act as focal point for the Financial Action Task Force and related international organizations, bodies and to carry out liaison with the competent authorities and other national, international organizations, bodies and or entities for facilitating cooperation in areas relating to anti-money laundering, countering of financing of terrorism and targeted financial sanctions; (b) to coordinate and oversee the implementation of a national strategy to fight money laundering, countering financing of terrorism and targeted financial sanctions and approve national action plan(s) for implementation of such national strategy(s); (c) to review, from time to time, national policies, laws and regulations relating to anti-money laundering, countering financing of terrorism and targeted financial sanctions and propose amendments to the Federal Government; (d) to coordinate at policy level and provide policy advice to the federal/ provincial/local competent authorities and the Provincial Governments on implementation of anti-money laundering, countering financing of terrorism and targeted financial sanctions regime to maintain uniformity at national level; (e) to formulate rules and regulations, and conditions of the employees of the Authority and grant additional allowances, rewards or any other incentives in consultation with the Finance Division after the approval of the Federal Government; (f) to enter into any agreement, memorandum of understanding or protocols with counterpart national or international organizations in relation to cooperation in anti-money laundering and countering financing of terrorism and targeted financial sanctions; provided however, that this function shall not be construed to override powers of any competent authority to enter into such arrangements under their respective laws; and (g) to discuss and deliberate on any other issue of national importance relating to money laundering, financing of terrorism and targeted financial sanctions. (3) Except stipulated in paragraph (g) of sub-Section (2) of this Section, the Authority may delegate any of its powers and functions to the Chairman of the Authority with such terms and conditions as it may deem appropriate.

Effective date: 2023-08-07

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