NGOs briefed on steps against money laundering

Published March 30, 2019
SECP officials highlight regulatory requirements of AML/CFT and implementation mechanism of UN Sanctions Regime. — AFP/File
SECP officials highlight regulatory requirements of AML/CFT and implementation mechanism of UN Sanctions Regime. — AFP/File

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) conducted a session on Friday to brief representatives of NGOs (non-governmental organisations) about the country’s international obligations and the Financial Action Task Force’s (FATF) recommendations and to create awareness about the government’s measures for anti-money laundering/counterterrorism financing (AML/CFT).

The session, conducted in Lahore in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP), was attended by around 100 representatives of the NGOs licensed under Section 42 of the Companies Act, 2017, as well as the Lahore-based registered intermediaries.

In a detailed presentation, officials of the SECP highlighted the regulatory requirements related to AML/CFT as well as the mechanism for implementation of the United Nations Sanctions Regime under resolutions 1267 and 1373 for designation of terrorist organisations and individuals.

The session focused on the relevant recommendations of the FATF as well as findings of the National Terrorism Financing Risk Assessment, including directions, channels and sources of terror finance, risk assessment of NGOs, various policies and legislative and administrative measures for terror financing risk mitigation.

It helped participants in improving their understanding of suspicious transaction reporting requirements under the AML/CFT framework.

The session also discussed the regulatory measures contained in the regulations for NGOs and intermediaries to prevent money laundering and terror financing abuses, supplemented by the best practices and recommendations contained in the AML/CFT guidelines for NGOs issued by it.

The officials emphasised the fact that the regulatory action against non-compliant NGOs was a regular feature of the SECP’s enforcement strategy, which would continue in future.

Published in Dawn, March 30th, 2019

Opinion

New engagement
Updated 19 Apr 2021

New engagement

Better Pak-India ties mean a better regional outcome.
Inequality and ideology
19 Apr 2021

Inequality and ideology

Hunger and want, and the constant reminder of inequality,may condition religious mobilisation, but they are not solely sufficient.
Ties of sentiment
19 Apr 2021

Ties of sentiment

Pakistan-UK relations have been remarkably stable and increasingly energised by the Pakistani diaspora.

Editorial

19 Apr 2021

Vaccine shortfall

THE hope that the slew of Covid-19 vaccinations approved for use since the end of last year would vanquish the ...
Another package
Updated 19 Apr 2021

Another package

Sindh has not seen much development worth the name during the PPP’s more than decade-long rule in the province.
19 Apr 2021

Cricket triumph

TEAM Pakistan have a number of reasons to rejoice after their 3-1 T20 series win over hosts South Africa on Friday....
18 Apr 2021

More cabinet changes

PRIME MINISTER Imran Khan has reshuffled his cabinet yet again in what is obviously another attempt to shore up his...
Blocking social media
Updated 18 Apr 2021

Blocking social media

FOR four hours this week, all social media platforms in the country were shut down, a measure the government said ...
18 Apr 2021

Peasant rights in Sindh

IN a seminar held in Nawabshah recently, the Sindh Human Rights Commission and Hari Welfare Association reiterated a...