{"id":671,"date":"2020-12-31T14:40:08","date_gmt":"2020-12-31T14:40:08","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=671"},"modified":"2020-12-31T14:41:29","modified_gmt":"2020-12-31T14:41:29","slug":"govt-amends-aml-cft-laws-to-comply-with-fatf-conditions","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2020\/12\/31\/govt-amends-aml-cft-laws-to-comply-with-fatf-conditions\/","title":{"rendered":"Govt amends AML, CFT laws to comply with FATF conditions"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-672\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2020\/12\/AML-CFT-FATF-dailyrapid-dailyrapidnews-grey-list-pakistan.jpg\" alt=\"AML-CFT-FATF-dailyrapid-dailyrapidnews-grey-list-pakistan\" width=\"800\" height=\"480\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2020\/12\/AML-CFT-FATF-dailyrapid-dailyrapidnews-grey-list-pakistan.jpg 800w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2020\/12\/AML-CFT-FATF-dailyrapid-dailyrapidnews-grey-list-pakistan-300x180.jpg 300w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2020\/12\/AML-CFT-FATF-dailyrapid-dailyrapidnews-grey-list-pakistan-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>In order to comply with the Financial Action Task Force (FATF) conditions, the government has bound the State Bank of Pakistan (SBP) and all branches of commercial banks by enforcing the amended Anti-Money Laundering (AML) and Counter Financing of Terrorist (CFT) laws.<\/p>\n<p>Until now, AML\/CFT regulations were only enforceable on the National Savings Scheme (NSS) centers and branches. However, the new regulations require the SBP and the commercial banks dealing with the NSS instruments to follow the same rules.<\/p>\n<p>According to Statutory Regulatory Order (SRO), issued by the Finance Division on Wednesday, \u201cThese regulations shall apply to the Central Directorate of National Savings (CDNS) and any other office of the issue dealing with the NSS as defined under regulations 2(1).&#8221;<\/p>\n<p>The government had constituted the supervisory board under the chairmanship of Additional Secretary Finance and it comprises five other members, from SBP, SECP, Financial Monitoring Unit (FMU), DG FATF and Joint Secretary Finance Division.<\/p>\n<div class=\"entry-inner g1-card g1-card-solid\">\n<div class=\"g1-content-narrow g1-typography-xl entry-content\">\n<div class=\"the-post-content\">\n<p>It will also carry out necessary assessments concerning the AML\/CFT regime, including regular and ad-hoc risk assessment through participation in any national risk assessment exercise. The board will also engage SBP\u2019s approved external auditors to ensure compliance with the AML\/CFT Act.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>This supervisory board will be responsible for establishing the policies and procedures to ensure implementation of its supervisory role effectively and efficiently, including a sanction regime to address the relevant violations by the CDNS. It will be conducting the necessary studies and assessment in relation to any aspects of AML and CFT supervisory regime, including regular and ad hoc risk assessment through participation in any national risk assessment exercise. It will be co-operating with its foreign counterparts in accordance with the section 6B of AML Act and any other orders, rules and regulations, made there under. It will engage the SPB or external auditors from the SBP\u2019s approved panel of auditors to ensure compliance with the AML Act.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In order to comply with the Financial Action Task Force (FATF) conditions, the government has<\/p>\n","protected":false},"author":1,"featured_media":673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editors-picks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt Implements All FATF Anti-Money Laundering Laws on Banks<\/title>\n<meta name=\"description\" content=\"In order to comply with the Financial Action Task Force (FATF) conditions, the government has bound the State Bank of 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Pakistan has forwarded a report of its progress on regulations to curb money laundering and terrorism financing to the global financial watchdog. The country has implemented\u2026","rel":"","context":"In &quot;Editor's Picks&quot;","img":{"alt_text":"FATF-meets-to-decide-on-Pakistan-case-February-22-rapidnews-rapid-news-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/FATF-meets-to-decide-on-Pakistan-case-February-22-rapidnews-rapid-news.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":8731,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/12\/terror-financing-fo-says-uk-move-to-include-pakistan-among-high-risk-countries-not-fact-based\/","url_meta":{"origin":671,"position":1},"title":"\u2018Terror financing\u2019: FO says UK move to include Pakistan among high-risk countries not fact based","date":"April 12, 2021","format":false,"excerpt":"Foreign Office (FO) spokesperson Zahid Hafeez Chaudhri said on Monday that the United Kingdom's decision to include Pakistan in the list of Money Laundering and Terrorist Financing High-Risk Countries was not based on facts. 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This will occur following the second to fifth reviews of the economic reform programme supported by the Extended Fund Facility (EFF), the IMF\u2026","rel":"","context":"In &quot;Pakistan&quot;","img":{"alt_text":"Pakistan-reaches-agreement-with-IMF-for-release-of-$500m-rapidnews-dailyrapid-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Pakistan-reaches-agreement-with-IMF-for-release-of-500m-rapidnews-dailyrapid-dailyrapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=671"}],"version-history":[{"count":3,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/671\/revisions"}],"predecessor-version":[{"id":676,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/671\/revisions\/676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/673"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}