ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and the Federal Investigation Agency (FIA) have signed a memorandum of understanding (MoU) to formalise a mechanism for information sharing.

The MoU will serve as a foundation for future collaboration and capacity building to safeguard the country’s digital financial system from cybercrime and fraud threats.

FIA Director General Mohsin Hassan Butt and commission’s Chairman Akif Saeed signed the MoU at SECP headquarters.

Mr Saeed sought FIA’s assistance for the capacity building of its officers, especially in forensic evidence collection.

The DG FIA affirmed that the MoU would also facilitate the usage of shared resources and infrastructure, leading to a more efficient and effective disposal of investigations regarding illegal deposit-taking and frauds that affect the public at large.

He agreed to the chairman’s proposal to commence capacity-building training for SECP officers. Both heads agreed to appoint focal persons from the regional offices of FIA and SECP for efficient sharing of information.

SECP’s head of Prosecution and Legal Affairs Muzzafar Mirza gave a detailed presentation on SECP’s mandate and prosecution mechanism.

Published in Dawn, November 7th, 2023