In its implementation of yet another condition of the Financial Action TaskForce (FATF), the federal government has set up a supervisory board toidentify banned organizations and their affiliates investing in nationalsavings schemes.
As per details, the supervisory board set up by the federal government willensure implementation of the National Savings Rules and take action againstviolators of the rules while preventing money laundering and fundraisingfor terrorism.
The government will also confiscate suspicious investments in nationalsavings schemes and take action against those involved. Officials from theMinistry of Finance, SBP, SECP, FMU will be part of the supervisory board.
Furthermore, Additional Finance Secretary has been appointed as Chairman,Ministry of Finance Supervisory Board. In addition, the DG Financial ActionTask Force has been made a member of the Supervisory Board.
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Earlier, the State Bank of Pakistan (SBP) has issued the Anti MoneyLaundering, Combating the Financing of Terrorism, and CounteringProliferation Financing (AML/ CFT / CPF) Regulations for SBP’s RegulatedEntities (REs). The State Bank with the objective to preserve theintegrity, soundness and safety of the financial system, has beenendeavoring to prevent the possible use of its REs for money laundering,terrorist financing, proliferation financing and other illicit activities.
Accordingly, SBP has issued these regulations under powers conferred to itunder Section 6A (2) of the Anti-Money Laundering Act, 2010. The SBP haswarned that any violation of these regulations will attract penal as wellas administrative actions under the applicable laws including the AML/ CFTSanctions Rules, 2020.
