Daily Times

The Securities and Exchange Commission of Pakistan (SECP), in collaboration with United Nations Office on Drugs and Crime (UNODC), conducted series of workshops for SECP-regulated financial institutions to enhance understanding of the risk-based approach to prevent money laundering and terror financing. This initiative was part of the overall SECP AML/CFT capacity building program to enhance the understanding of ML/TF threat and vulnerabilities as identified in the National Risk Assessment, 2019, and elevate the level of AML/CFT compliance. The program is supported by UNODC as part of its technical assistance to facilitate enhanced capacity and coordination in combating money-laundering and countering the financing of terrorism based on international good practice and transfer of knowledge on operational expertise. Over 500 professionals from securities and commodities markets, insurance/takaful companies, non-banking finance companies and modaraba sector participated in 15 full day workshops held in Karachi, Islamabad and Lahore in November 2019. Through these workshops, compliance officers were trained on the application of risk based approach in light of the National Risk Assessment, 2019, particularly focusing on the transnational TF risks. The concept of the risk based approach under the SECP AML/CFT Regulations, 2018 was explained. The training aimed to enhance understanding of the participants on how to be more vigilant against the latest ML/TF risks faced by their respective organizations and know their role in mitigating those risks.