Several brokerage houses served notices over non-compliance of AML/CFT laws

MG News | November 07, 2018 at 11:12 AM GMT+05:00

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November 7, 2018 (MLN): Securities and Exchange Commission of Pakistan (SECP) has given out show cause notices to several brokerage houses over non-compliance of anti-money laundering (AML) and counter-financing of terrorism (CFT) laws.

The Financial Action Task Force (FATF) had allegedly expressed dissatisfaction on Pakistan for not taking measures to control terror financing and fix anti-money laundering laws.

The government had also recently passed new legislation to combat money laundering and terror financing in order to address the FATF’s concerns. SECP in June introduced the Anti-Money Laundering and Countering Financing of Terrorism Regulations.

Moreover, the National Counter Terrorism Authority (NACTA) also banned individuals and groups placed on terror watch lists by the UN Security Council from collecting funds.

Furthermore, the Federal Board of Revenue (FBR) issued one SRO with regard to giving powers to its Directorate of Intelligence and Investigation wing to deal with the money laundering issues.

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