SECP vows to protect financial sector

ISLAMABAD:

The Security and Exchange Commission of Pakistan (SECP) has vowed to implement measures for regulating financial sector from being used by money launderers and illegal financiers for illicit purposes. According to the annual report of 2020, the SECP will follow the measures set out in the Financial Action Task Force (FATF) standards to protect SECP regulation for financial sector. It is responsible for ensuring AML/CFT compliance by stockbrokers, commodities brokers, NBFCs and Modarabas, insurers, corporates and NPO’s. According to a report, SECP using FATF’s assessment methodology has taken effective measures in addressing ML/TF deficiencies by ensuring technical compliance with the FATF Recommendations, as well as the “effectiveness” of the implemented AML/CFT regime. The SECP will further improve its laws, regulations and directives in order to keep its AML/CFT governance regime aligned with FATF standards. In this regard, a comprehensive exercise is undergoing to remove deficiencies identified in the latest MER of Pakistan.

Published in The Express Tribune, January 20^th, 2021.

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