Key Takeaways
- SECP has issued a new guidebook to strengthen checks against terrorist financing.
- Financial firms are required to screen customers and beneficial owners against sanctions lists.
- The guidebook supports Pakistan’s anti-money laundering and counter-terrorism framework.
The Securities and Exchange Commission of Pakistan (SECP) has issued a new guidebook to its regulated entities, aimed at enhancing measures against terrorist financing and other illegal financial activities.
The guidebook outlines specific steps financial firms must take, including screening existing and potential customers and beneficial owners against relevant sanctions lists.
In the event of a possible match, firms are required to freeze the funds and assets of designated individuals and entities without delay, and report them to the relevant authorities within the prescribed time.
SECP has emphasized the importance of regular screening, clear internal procedures, proper record-keeping, staff training, and effective compliance systems.
The commission has encouraged regulated entities to review their existing procedures and improve their safeguards using the guidebook.
This initiative follows awareness sessions conducted by SECP in collaboration with the National Counter Terrorism Authority (NACTA) to help regulated entities understand targeted financial sanctions requirements.
The guidebook is intended as a practical reference and does not replace existing laws, regulations, or other regulatory requirements.
The document supports Pakistan’s framework for anti-money laundering, countering the financing of terrorism, and preventing the financing of proliferation.
