AML, CFT compliance mandatory for NBFI, Modarabas


KARACHI: Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) laws and compliance are mandatory for all the business entities in the NBFI and Modarabas sector.




This was stated by Raheel Qamar Ahmad, Chairman, and NBFI & 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.

Ms. 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.

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