Steps to curb money laundering, terror financing assured

PESHAWAR: Speakers at a function said on Friday the government was taking steps for curbing money-laundering and countering terror financing.

The Social Welfare Department in collaboration with a non-governmental organisation, Blue Veins, had organised a session for non-profit organisations (NPO)/NGOs.

Director, Counter-Terrorism Department (KP) and Representatives of Security and Exchange Commission of Pakistan (SECP) gave detailed presentations of the on Anti-Money Laundering and Countering Financing of Terrorism (AML-CFT) and Guidelines for nonprofit organisations.

Saeedul Hassan, Director, Social Welfare, Special Education and Women Empowerment Department, welcomed the participants. “Non-profit organisations perform a vital role in the society, providing relief and support to the groups of the population in need, and at times of urgent crisis,” he added.

The official said the FATF Recommendation 8 required that the laws and regulations which govern non-profit organisations be reviewed so that these organisations cannot be abused for the terror financing.

He said that government was committed to preventing the misuse of NPOs for the financing of terrorism while, at the same time, respecting legitimate actions of NPOs. Ayaz Khan, Director, Counter-Terrorism Department (CTD), appreciated the role of Blue Veins in collaborating for the event.

“The FATF 40 Recommendations are the internationally endorsed global standards against money laundering and terror financing: These increase transparency and enable countries to successfully take action against illicit use of their financial system,” he added.

Muhammad Asad Saeed, Deputy Director, Company Registrar, Security and Exchange Commission of Pakistan, gave a detailed presentation on the role and mandate of the SECP and guidelines developed by SECP for nonprofit organisations. He mentioned that recommendation 8 of the FATF is an inter-governmental watchdog body and its implementation requires an inclusive approach.