KARACHI: Securities and Exchange Commission of Pakistan on Wednesday briefed tax practitioners on measures related to anti-money laundering and combating the financing of terrorism.Waseem Ahmed...
KARACHI: Securities and Exchange Commission of Pakistan (SECP) on Wednesday briefed tax practitioners on measures related to anti-money laundering and combating the financing of terrorism.
Waseem Ahmed Khan, additional registrar of SECP said the measures have been taken under the guidelines of the Financial Action Task Force. Khan said Pakistan is rated amongst the most charitable nations in the world. Most donations are routed, which renders the entire exercise prone to terror financing and money laundering. He was addressing a seminar organised by the Karachi Tax Bar Association (KTBA).
SECP regulations have been framed for non-profit organisations (NPOs) under which the NPOs are required to set up risk management. An NPO should be non-political and should make public the promoters and declare ultimate beneficiary of donations. Khalid Mahmood, president of KTBA said the steps taken by the government would streamline funding through official channels. Mahmood said tax practitioners would fulfill their responsibilities to aware their clients about the laws.