AGL 23.81 Decreased By ▼ -0.54 (-2.22%)
AIRLINK 103.60 Increased By ▲ 0.60 (0.58%)
BOP 5.66 Decreased By ▼ -0.05 (-0.88%)
CNERGY 3.93 Decreased By ▼ -0.03 (-0.76%)
DCL 8.36 Decreased By ▼ -0.14 (-1.65%)
DFML 41.70 Decreased By ▼ -1.29 (-3%)
DGKC 88.30 Decreased By ▼ -0.60 (-0.67%)
FCCL 22.70 No Change ▼ 0.00 (0%)
FFBL 40.88 Increased By ▲ 2.68 (7.02%)
FFL 8.96 Decreased By ▼ -0.15 (-1.65%)
HUBC 160.49 Decreased By ▼ -3.21 (-1.96%)
HUMNL 11.46 Decreased By ▼ -0.34 (-2.88%)
KEL 4.82 Decreased By ▼ -0.03 (-0.62%)
KOSM 4.09 Decreased By ▼ -0.04 (-0.97%)
MLCF 38.60 Increased By ▲ 0.19 (0.49%)
NBP 53.60 Increased By ▲ 0.75 (1.42%)
OGDC 130.60 Decreased By ▼ -2.29 (-1.72%)
PAEL 25.36 Decreased By ▼ -0.29 (-1.13%)
PIBTL 6.25 Decreased By ▼ -0.13 (-2.04%)
PPL 118.90 Decreased By ▼ -0.60 (-0.5%)
PRL 23.95 Decreased By ▼ -0.65 (-2.64%)
PTC 12.92 Increased By ▲ 0.28 (2.22%)
SEARL 59.11 Decreased By ▼ -0.49 (-0.82%)
TELE 7.43 Decreased By ▼ -0.06 (-0.8%)
TOMCL 34.99 Decreased By ▼ -0.16 (-0.46%)
TPLP 8.72 Decreased By ▼ -0.13 (-1.47%)
TREET 15.90 Increased By ▲ 0.10 (0.63%)
TRG 55.95 Decreased By ▼ -1.95 (-3.37%)
UNITY 34.95 Increased By ▲ 0.06 (0.17%)
WTL 1.20 Decreased By ▼ -0.02 (-1.64%)
BR100 8,536 Decreased By -8.5 (-0.1%)
BR30 27,187 Decreased By -204 (-0.74%)
KSE100 79,944 Decreased By -48.3 (-0.06%)
KSE30 25,500 Decreased By -43.9 (-0.17%)

ISLAMABAD: The Federal Government has delegated powers to Strategic Export Control Division (SECDIV) to notify United Nations Security Council's (UNSC's) resolutions on targeted financial sanctions aimed at meeting a condition of Financial Action Task Force (FATF), well-informed sources told Business Recorder.

According to the Ministry of Foreign Affairs, in pursuance of Pakistan's commitment to non-proliferation of Weapons of Mass Destruction (WMDs) and the binding UN Security Council Resolution 1540, export control on goods, technologies, material and equipment related to nuclear and biological weapons and their delivery systems Act, 2004 was promulgated in 2004 and the Strategic Export Control Division (SECDIV) was set up in 2007 in the Ministry of Foreign Affairs as the implementing authority under SRO 449(l)/2009).

The sources said, for implementation of the Act and UNSC resolutions on Targeted Financial Sanctions (TFS) for Proliferation Financing (PF), immediate notification through SROs was important as stipulated in recommendation-7 of the Financial Action Task Force (FATF).

At a recent high-level meeting presided over by Prime Minister Imran Khan, it was argued that the delegation of powers to Strategic Export Control Division would provide for the issuance of SROs "without delay" and also assist in meeting the objectives of the Act.

After explaining the background and the current scenario of the proposal, approval was solicited for delegation of powers to Strategic Export Control Division to administer all activities under the Export Control on Goods, Technologies, Material and Equipment related to Nuclear and Biological Weapons and their Delivery Systems Act, 2004 with effect from March 1, 2021. 4.

During a discussion, a member inquired that since the Strategic Export Control Division (SECDIV) is already part of MoFA, why it needed the delegation of powers from the Federal Government. The Secretary, Foreign Affairs clarified that being a recommendation of FATF it would enable the SECDIV to notify the UNSC resolutions on targeted financial sanctions for proliferation financing without waiting for the approval of the Cabinet. An issue was raised as to whether the Federal Government can delegate its powers in light of the Mustafa Impex case. It was pointed out that the Federal Government can do so where the law expressly provides for it.

After detailed deliberations, the meeting accorded approval to delegate to Strategic Export Control Division to notify United Nations Security Council's (UNSC's) resolutions on targeted financial sanctions.

Copyright Business Recorder, 2021

Comments

Comments are closed.