Pak Tightens Anti-Terror Finance Controls with New Guidebook

News Desk

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has unveiled a comprehensive Guidebook on Targeted Financial Sanctions (TFS) aimed at bolstering measures against terrorist financing and safeguarding the integrity of the nation’s financial system.

This initiative comes as part of ongoing efforts to enhance compliance and regulatory frameworks within Pakistan’s financial sector.

The guidebook outlines practical steps that regulated entities must undertake to fulfill their obligations under the TFS requirements. These measures include screening customers and beneficial owners against relevant sanctions lists, assessing potential matches, and promptly freezing the assets of designated individuals and entities.

Furthermore, it emphasizes the importance of timely reporting to the appropriate authorities.

By establishing clear internal procedures, regular screening protocols, and effective compliance controls, the SECP aims to fortify the financial sector against illicit activities.

The guidebook is a culmination of a series of awareness sessions conducted by the SECP in collaboration with the National Counter Terrorism Authority (NACTA), underscoring the critical need for vigilance in financial operations.

Looking ahead, the SECP encourages all regulated entities to utilize the guidebook to review and enhance their existing compliance frameworks.

This proactive approach is expected to significantly mitigate risks associated with terrorist financing and contribute to a more secure financial environment in Pakistan.