SECP rolls out new anti-money laundering regulations in line with FATF recommendations
New regulations mandatory for Pakistan as member of Asia Pacific group on money laundering
The SECP has given a single set of regulations for all the securities brokers, insurance companies, non-banking finance companies and modarabas with the aim to harmonise the AML and CFT regime.. Photo Courtesy: SECP
The Securities and Exchange Commission of Pakistan (SECP) issued an Anti-Money Laundering and Countering Financing of Terrorism Regulations, 2018 on Wednesday.
The new rules are in compliance with the Financial Action Task Force (FATF) recommendations, needed to be adopted by the country as a member of the Asia Pacific group on money laundering.
According to the statement issued by the financial regulatory agency, the new regulations “supersede all earlier notifications which had separate anti-money laundering (AML) and countering financial terrorism (CFT) requirements for financial institutions regulated by the SECP”.
NA committee to probe $8 billion outflow to Dubai
The SECP has given a single set of regulations for all the securities brokers, insurance companies, non-banking finance companies and modarabas with the aim to harmonise the AML and CFT regime.
On May 25, Pakistan took specific actions to save the country from being included in the Grey List by the FATF, according to former finance minister Dr Miftah Ismail.
“Pakistan had been nominated by FATF for the Grey List during February 2018 Plenary meeting; however, official intimation is yet to be received from FATF,” the minister informed the National Assembly in a written reply.
However, he added prior to the next FATF Plenary scheduled in June on the areas identified by the FATF, “an Action Plan with time-frame will be developed”.
The new rules are in compliance with the Financial Action Task Force (FATF) recommendations, needed to be adopted by the country as a member of the Asia Pacific group on money laundering.
According to the statement issued by the financial regulatory agency, the new regulations “supersede all earlier notifications which had separate anti-money laundering (AML) and countering financial terrorism (CFT) requirements for financial institutions regulated by the SECP”.
NA committee to probe $8 billion outflow to Dubai
The SECP has given a single set of regulations for all the securities brokers, insurance companies, non-banking finance companies and modarabas with the aim to harmonise the AML and CFT regime.
On May 25, Pakistan took specific actions to save the country from being included in the Grey List by the FATF, according to former finance minister Dr Miftah Ismail.
“Pakistan had been nominated by FATF for the Grey List during February 2018 Plenary meeting; however, official intimation is yet to be received from FATF,” the minister informed the National Assembly in a written reply.
However, he added prior to the next FATF Plenary scheduled in June on the areas identified by the FATF, “an Action Plan with time-frame will be developed”.