ISLAMABAD: The National Accountability Bureau (NAB) has established the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) cell to check financial crimes and illegal transfer of resources.<\/p>\n
However, the main responsibility to investigate terror financing cases will still lie with the Federal Investigation Agency (FIA).<\/p>\n
A senior official of the anti-graft watchdog told\u00a0Dawn<\/em>\u00a0that the AML&CFT cell would coordinate with the Financial Action Task Force (FATF) Secretariat and stakeholders concerned to curb money laundering and terror financing.<\/p>\n In 2019, the Securities and Exchange Commission of Pakistan (SECP) had issued the Anti-Money Laundering\/Combating Financing of Terrorism guidelines for non-profit organisations on the basis of the FATF\u2019s recommendations.<\/p>\n \u201cIn order to discourage money laundering, NAB established the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) Cell. This shows the bureau\u2019s commitment and compliance towards the resolution of the international community,\u201d an official press release issued by anti-graft watchdog said.<\/p>\n According to a NAB official, being a member of the United Nations Convention against Corruption (UNCAC), it was mandatory for the bureau to set up the cell to weed out corruption and make Pakistan corruption free by adopting \u2018Accountability for All\u2019 policy.<\/p>\n He said NAB, being the apex anti-corruption agency and mandated to eliminate corruption and corrupt practices, was operating through a three-pronged strategy of \u2018awareness, prevention and enforcement\u2019.<\/p>\n \u201cIn order to eradicate this evil from the society, it has consistently engaged with all stakeholders and is incessantly combating this national menace with unflinching resolve through its multi-pronged strategy, which has started yielding remarkable results,\u201d the official added.<\/p>\n On the other hand, the NAB\u2019s statement pointed out that the bureau\u2019s endeavours had also been appreciated and endorsed by reputed national and international organisations like Pildat, Mishal Pakistan, Transparency International and World Economic Forum.<\/p>\n \u201cThis testified people\u2019s confidence and trust upon NAB\u2019s performance,\u201d it added.<\/p>\n The press release went on to say that due to its impressive performance, \u201cChina has also signed an MoU with it to oversee CPEC projects being undertaken in Pakistan\u201d.<\/p>\n Under Section-33 of NAO, 1999, NAB was mandated for awareness and prevention. It has therefore engaged different governmental and non-governmental organisations, civil society and other segments of the society to join hands with its awareness and prevention drive to inform people, especially the youth.<\/p>\n In this regard, an MoU has also been signed with the Higher Education Commission (HEC) to educate students against corruption.<\/p>\n The statement said due to its effective three-pronged anti-corruption strategy, NAB had recovered Rs814 billion directly and indirectly as per law since its inception, with Rs323bn recovered in 2020.<\/p>\n Besides, there are currently 1,273 references under process in accountability courts, with NAB\u2019s conviction ratio standing at around 66pc.<\/p>\n This is one of the best conviction ratios compared to other sister organisations, the statement added.<\/p>\n","protected":false},"excerpt":{"rendered":" ISLAMABAD: The National Accountability Bureau (NAB) has established the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) cell to check financial crimes and illegal transfer of resources. However, the main responsibility to investigate terror financing cases will still lie with the Federal Investigation Agency (FIA). A senior official of the anti-graft watchdog told\u00a0Dawn\u00a0that the […]<\/p>\n","protected":false},"author":2,"featured_media":10716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":{"0":"post-10715","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-pakistan"},"_links":{"self":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/10715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/comments?post=10715"}],"version-history":[{"count":1,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/10715\/revisions"}],"predecessor-version":[{"id":10717,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/10715\/revisions\/10717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media\/10716"}],"wp:attachment":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media?parent=10715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/categories?post=10715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/tags?post=10715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}