"Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) laws and compliance thereto are mandatory for all the business entities in the NBFI and Modarabas sector whatever activity they perform." This was stated by Raheel Qamar Ahmad, Chairman, and NBFI and Modaraba Association while addressing the participants of a workshop on AML/CFT organized by the Association.
He highlighted the importance of these laws for the individuals, for the entities and above all for the country and urged the participants to ensure implementation to help the country come out of the grey list.
Sumera Baloch, Additional Director, Financial Monitoring Unit (FMU), Government of Pakistan conducted the workshop and briefly explained the salient features of the AML Law and particularly those Sections relevant to Reporting, Investigation & Prosecution under AMLA. She also explained the role of Financial Sector Regulators/Supervisors and role of the reporting entities. She emphasised that such type of workshops should frequently be arranged throughout the country to give awareness to all the institutions doing business in the country. She also appreciated the efforts of the Regulators for issuing Anti Money Laundering Regulations and its Guidelines for understanding these laws. She also appreciated the association's active role in training and disseminating global best practices to its members and other associations.
Muhammad Samiullah, Secretary General of the Association informed that the Association plans to arrange a series of workshops on topics such as Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) to help build capacity in the Non-Banking sector in Pakistan.-PR