Activities designed to strengthen response on CFT

0
84

Initiatives to counter terrorism financing has been designed for strengthening the response of Pakistan to Counter Terrorism Financing (CFT).

According to details, National Counter Terrorism Authority NACTA Pakistan (NACTA) with the assistance of UNODC has designed a few activities on counter terrorism financing with the purpose to strengthen NACTA’s National Task Force on CFT which consists of 27 departments across the country, having representatives from SBP, NAB, FBR, FMU, SECP, ANF, FIA, Intelligence Agencies and provincial CTDs.

NACTA Pakistan is coordinating with United Nations Office on Drugs and Crime (UNODC) Pakistan in the areas of counter terrorism.

NACTA with the assistance of UNODC has designed a few activities on counter terrorism financing with the purpose to strengthen NACTA’s National Task Force on CFT which consists of 27 departments across the country, having representatives from SBP, NAB, FBR, FMU, SECP, ANF, FIA, Intelligence Agencies and provincial CTDs.
These activities spread over one year and would strengthen NACTA’s response to counter terrorism financing with an overall aim to expand the present goAML investigations on suspicious transaction and cash transaction reports.

According to official documents, the primary focus of efforts of law enforcement agencies (LEAs) in Pakistan for countering terrorism has been on intelligence, investigation and operations against suspected individuals and organisations without considering the financial mechanism exploited by terrorists to fund their activities.

Pakistan is a member of Asia/Pacific Group on Money Laundreing (APG) since May 2000 and it has also acceded to the 1999 international convention for the suppression of financing of terrorism in June 2009, with some conditions prior to this in 2008, Pakistan developed its infrastructure capacity by establishing a Financial Monitoring Unit (FMU) with the premises of the State Bank of Pakistan in Karachi to lead its efforts in money laundering and counter terrorism financing.

The FMU works to promote national compliance with the Financial Action Task Force (FATF) recommendations on money laundering and Terror Financing through its close interaction and monitoring of 39 commercial banks, these banks operate approximately 42 million accounts through 7000 branches across Pakistan until June 2017.

The FMU has developed a manual to track suspicious transactions which is replaced by goAML( Anti money laundering database) that has effectively enhance the FMU’s capacity.
NH Naqvi

SHARE

LEAVE A REPLY