SECP holds session on AML/CFT

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Karachi Tax Bar Association (KTBA), conducted an awareness session on the anti-money laundering / counter-terrorism financing (AML/CFT) obligations of non-profit organisations licensed under Section 42 of the Companies Act, 2017, as well as Karachi-based registered intermediaries, a statement said on Friday.

More than 115 participants from the NPO sector, registered intermediaries and KTBA members were present on the occasion, it added.

An official of the commission made a detailed presentation on the AML/CFT regulatory requirements and the mechanism for implementation of the United Nations Sanctions Regime under resolutions 1267 and 1373 for designation of terrorist organisations and individuals.

The session also focused on the relevant recommendations of the Financial Action Task Force, as well as the findings of the National Terrorism Financing Risk Assessment, the statement said.

A large part of the discussion was focused on directions, channels and sources of terror finance, risk assessment of NPOs and various policy, legislative and administrative measures for terrorist financing risk mitigation.