ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and Federal Investigation Agency (FIA) have signed a memorandum of understanding (MoU) to formalize mechanism for information sharing and cooperation between the both organisations.

The MoU will serve as a foundation for future collaboration and capacity building to safeguard the country’s digital financial system from cyber crime and fraud threats. The Director General FIA, Mohsin Hassan Butt (PSP) and the SECP Chairman, Akif Saeed inked the MoU at a ceremony held at SECP head office.

The Chairman SECP, Akif Saeed, appreciated the DG FIA for extending cooperation and sought FIA’s assistance for the capacity building of its officers, especially with regards to forensic evidence collections.

The DG FIA, Mohsin Butt, affirmed that the MoU will 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 affect the public at large.

He agreed to the chairman’s proposal to commence capacity-building training for SECP officers. Both 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.

Copyright Business Recorder, 2023