August 29, 2003	Friday	Jumadi-us-Sani 30, 1424

ISLAMABAD, Aug 28: The National Accountability Bureau (NAB) and the Securities and Exchange Commission of Pakistan (SECP) will work in close coordination and liaise with each other on the ongoing action against brokerage and forex companies carrying on illegal, unauthorized and fraudulent activities.

A decision to this effect was taken when NAB chairman Lt-Gen Munir Hafiez visited the SECP office and met SECP chairman Dr Tariq Hassan on Thursday, says an SECP press release.

A detailed presentation was made on behalf of the Commission about the SECP’s transformation into a transparent, efficient and independent regulator of the capital market and corporate sector.

Four main areas of focus were highlighted which are mutual concern to the two organizations, including transparency issues, accountability, anti-money laundering and anti-corruption initiatives.

NAB officials were also briefed about the Commission’s reform agenda and its achievements to date. Measures introduced in the stock market to enhance transparency, improve governance as well as risk management were also discussed.

Dr Hassan informed the NAB chairman that the SECP and the SBP were actively taking action against fraudulent forex and brokerage companies and expressed the hope that the NAB would also play an active role in netting individual firms involved in illegal activities.

The collaboration by these institutions, he added, would ensure that irrespective of the form of organization or business activity, no one would escape the ambit of law.

The NAB chairman expressed his appreciation for the Commission’s proactive role in enhancing transparency and commitment in combating financial crimes.

He assured the SECP chairman of the National Accountability Bureau ’s cooperation, particularly in the case of illegal brokerage firms and individuals.