The National Accountability Bureau (NAB) has formed the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) cell to keep a check on the financial crimes and illegal transfer of resources.
However, the Federal Investigative Agency (FIA) will have the key responsibility to investigate these terror financing cases.
The Securities and Exchange Commission of Pakistan (SECP) had issued the Anti-Money Laundering/Combating Financing of Terrorism guidelines for non-profit organizations on the basis of the FATF’s recommendations.
“In order to discourage money laundering, NAB established the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) Cell. This shows the bureau’s commitment and compliance towards the resolution of the international community,” an official press release issued by anti-graft watchdog said.
On the other hand, the NAB’s statement highlighted that its initiaives had been widely recognised by reputed national and international organisations like Pildat, Mishal Pakistan, Transparency International and World Economic Forum.
“This testified people’s confidence and trust upon NAB’s performance,” it added.
The press release went on to say that due to its impressive performance, “China has also signed an MoU with it to oversee CPEC projects being undertaken in Pakistan”.
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.
In this regard, an MoU has also been signed with the Higher Education Commission (HEC) to educate students against corruption.
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.
Besides, there are currently 1,273 references under process in accountability courts, with NAB’s conviction ratio standing at around 66pc.
This is one of the best conviction ratios compared to other sister organisations, the statement added.