Anti-terror finance controls tightened

The Securities and Exchange Commission of Pakistan has released a guidebook on targeted financial sanctions, aimed at curbing terrorist financing and other illicit dealings while protecting the soundness of the country's financial system, according to Dawn. The document sets out practical measures that regulated entities must follow to comply with the applicable TFS rules. It was issued after a set of awareness sessions that the SECP ran with the National Counter Terrorism Authority.

Under the guidebook, regulated firms are expected to screen customers, prospective clients and beneficial owners against sanctions lists and official notifications. Where a possible match emerges, they must assess it, freeze holdings of designated individuals and bodies without delay, and report to authorities within the stipulated period. The guidance also stresses internal procedures, ongoing screening, record keeping, staff training and robust compliance controls.

The SECP has urged regulated entities to use the document to review and reinforce their current arrangements. The release supports the country's anti-money laundering and counter terrorism financing framework, including proliferation financing controls.