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World

Pakistan's top bodies ink accord to curb terror financing

2018-07-25 09:21:54

ISLAMABAD, July 24 (Xinhua) -- In the aftermath of Pakistan's placement in the grey-list of the Financial Action Task Force (FATF), the country's two leading bodies have signed an accord to curb terror financing.

According to a statement issued on Tuesday, Pakistan's National Counter Terrorism Authority (NACTA) and Securities and Exchange Commission of Pakistan (SECP) signed a Memorandum of Understanding (MoU) in this regard in Islamabad.

NACTA Chief Muhammad Suleman Khan and Chairman SECP Shaukat Hussain signed the MoU.

The NACTA chief said on the occasion that the cooperation between the NACTA and the SECP is of significant importance in the backdrop of the international scenario. He expressed the resolve that both the organizations will join hands to build the capacity of the country's law enforcement agencies against the menace of terror financing.

An awareness drive will soon be launched in the country against money laundering and terror financing to let the masses know about how the scourge is damaging the country's image, he added.

The FATF decided in June to keep Pakistan on its grey list due to strategic shortcomings in its anti-money laundering and terror-financing regulations in a meeting held in Paris, France.

The decision was made despite Pakistan's progress in the majority of the areas identified as grey areas by the international terror financing watchdog.

Pakistan's interim Finance Minister Shamshad Akhtar presented a strong case during the meeting to have Pakistan's name removed from the grey list, but the watchdog found it short of the strength to exclude the country from the infamous list.

Editor:Jiang Yiwei