ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) hasissued revised and more elaborative Anti Money Laundering and CounterFinancial Terrorism (AML/CFT) Guidelines for Non-Profit Organizations(NPOs).
The new guidelines explicitly highlights the consequences of moneylaundering, terrorist financing, predicate crimes and other abuses on theNPO sector,said a statement issued by SECP here on Tuesday.
The AML/CFT guidelines for NPOs, firstly issued in September 2018 aimed atfacilitating Section 42 companies with compliance with AML/CFT regulations2018. The amended version would provide NPO sector an improvedunderstanding of risks of terrorist financing including transnational TFrisk.
It also explained some key concepts of TF.
These guidelines also include major findings of Pakistan’s NationalInherent Risk Assessment on money laundering and terrorism financing.
The revised Guidelines have elaborated terrorist financing processincluding directions, sources and channels of TF; and updated the criteriafor assessment of vulnerable or high-risk NPOs.
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SECP has amended the guidelines to account for the evolving TF risks andfurther make the NPO sector aware of the best practices, good governancemeasures as well as the red flags to mitigate such risks.
The SECP’s AML/CFT guidelines are developed in a manner that these can alsobe adopted by NPOs registered/licensed with provincial governments.
The revised Guidelines are being disseminated to provinces and have beenplaced on SECP’s website www.secp.gov.pk for public access.
