ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) hasnotified Anti Money Laundering (AML) and Countering Financing of Terrorism(CFT) Regulations, 2018.
The regulations are fully compliant with Financial Action Task ForceRecommendations, which are mandatory to adopt for Pakistan as a member ofthe Asia Pacific Group on Money Laundering.
In new regulations, focus has been enhanced towards high-risk areas andtaking a risk based approach towards combating money laundering andfinancing of terrorism.
In order to ensure that criminals are not able to hide their identitythrough use of complex ownership structure of companies, partnerships,trusts or other similar forms, the financial institutions are required toidentify the ultimate beneficial owner before offering their services tothem.