Daily Times

The Securities and Exchange Commission of Pakistan (SECP) and Federal Investigation Agency (FIA) Monday signed a memorandum of understanding (MoU) to formalize mechanism for information sharing and cooperation between the two organizations. The MoU will serve as a foundation for future collaboration and capacity building to safeguard the country’s digital financial system from cybercrime and fraud threats, said a press release issued here.

Director General FIA, Mohsin Hassan Butt (PSP) and the SECP Chairman, Akif Saeed inked the MoU at a ceremony held at SECP head office. Akif Saeed, appreciated the DG FIA for extending cooperation and sought the agency’s assistance for the capacity building of its officers, especially with regards to forensic evidence collections.

The DG FIA affirmed that the MoU would also facilitate the usage of shared resources and infrastructure, leading to a more efficient and effective disposal of investigations regarding illegal deposit taking and frauds that affected the public at large. He agreed to the chairman’s proposal to commence capacity-building training for SECP officers. Both the heads agreed to appoint focal persons from the regional offices of FIA and SECP for efficient sharing of information. The SECP’s head of Prosecution and Legal Affairs Muzzafar Mirza gave a detailed presentation on SECP’s mandate and prosecution mechanism.