Regulator asks NBFCs to respect money laundering laws

The Securities and Exchange Commission of Pakistan (SECP) stressed the need to cultivate a sustainable and resilient culture of compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations within the non-bank financial sector. Speaking at a training programme arranged by the Mutual Funds Association of Pakistan (Mufap), a trade body of asset management companies, SECP Commissioner Sadia Khan highlighted the critical role of non-bank financial companies (NBFCs) in preventing the use of financial systems by criminal elements. She said the industry needed to implement an effective AML compliance programme to “attain an improved international ranking for Pakistan’s financial sector” and make the country a “chosen destination for international investments”.