Compliance with AML Act: MoF notifies National Savings AML/CFT Supervisory Board

ISLAMABAD: The Finance Ministry has notified National Savings AML and CFT Supervisory Board to ensure the country's compliance with the AML Act.

The notification read that in exercise of the powers conferred by clause (c) of sub-section (2) of section 6A of the Anti-Money Laundering Act, 2010, the National Savings (AML and CFT) Supervisory Board for National Savings Schemes is notified.

The National Savings AML/CFT Supervisory Board has been constituted to provide independent oversight of implementation of these rules and take necessary enforcement actions against violation.

Additional Finance Secretary (Budget), Ministry of Finance Chairman, while representative of the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, Representative of FMU, Director General, Financial Action Task Force, Member Joint Secretary, Ministry of Finance, member and secretary not below grade-20 would be members of the board.

Powers and functions of the Supervisory Board include; (1) In addition to the powers and functions provided for in sub-section; (2) of Section 6A of the AML Act, the Supervisory Board would also exercise and perform powers and functions with respect to the CDNS for implementation of obligations and ensuring compliance with requirements of the AML Act namely: establishing policies and procedures that ensure the implementation of its supervisory role effectively and efficiently, including sanctions regime to address the relevant violations by the CDNS; conducting the necessary studies and assessments in relation to any aspects of the AML and CFT supervisory regime, including regular and ad-hoc risk assessments through participation in any national risk assessment exercise and taking the necessary measures to address and mitigate such risks; co-operating with its foreign counterparts in accordance with Section 6B of the AML Act, and any orders, rules and regulations made there-under; to engage the State Bank of Pakistan or an external auditor from the State Bank of Pakistan's approved panel of auditors to ensure compliance with the AML Act and any orders, rules or regulations made there-under; and (e) while undertaking its functions, to appoint in prescribed manner or request the services of experts and personnel of appropriate experience and knowledge including to make request for acquiring technical and other resources to carry out the function assigned under the AML Act.

The Finance Division shall provide administrative, budgetary and secretarial support to the Supervisory Board for effectively exercising its powers and performing its functions.

The chairman would call at least four meetings in each calendar year to pursue the implementation of its supervisory functions, and take the necessary decisions and actions. Special meetings may be called by the chairman of the Supervisory Board on the request of not less than two members. The quorum for a meeting of the Supervisory Board shall be a minimum of four members including the chairman.

Copyright Business Recorder, 2020