According to reports, the government in Pakistan is being asked to show flexibility over the issue of banking secrecy, and to adopt some form of 'know your customer' policy, and to this end a meeting was held on Monday in the Finance Ministry to discuss the introduction of new anti-money laundering laws.

The meeting was attended by representatives from the Finance Ministry, the State Bank of Pakistan, the Security Exchange Commission of Pakistan, the Income Tax Department, the National Accountability Bureau, and the Federal Investigation Agency. According to sources, the two latter organisations are to play a big role in the fight against money laundering following the introduction of new laws, which it is hoped will come into force shortly.

Although representatives from the banking industry were notably absent from this first meeting, it is expected that the government will introduce reforms carefully and thoughtfully, and with the assistance of the US experts, in order to reassure both banks and their clients.