ISLAMABAD: Soon after the United Nations (UN) placed Jaish-e-Mohammad (JeM) leader Masood Azhar on its global terror list, the Securities and Exchange Commission of Pakistan (SECP) has directed all non-banking financial companies and other regulated entities to immediately freeze its investment accounts if any, a senior official of the commission told The News Thursday.The directions have been issued to regulated persons (securities brokers, commodities brokers, insurers, Takaful operators) non-banking finance companies (NBFCs) and Modarabas to freeze investment accounts of Masood Azhar.The commission along with its directions has also circulated the Statutory Regulatory Order (SRO) that the Ministry of Foreign Affairs released on May 1. The commission has asked the NBFCs and market participants to scan their customer data bases for any match with the UN’s designated/proscribed person, and report to the SECP within three days.If a true match or suspicion is found, some strict actions have to be taken immediately. These immediate actions would be to freeze without delay the customer’s fund or block transaction if it is an existing customer the customer’s fund; reject the customer if the relationship has not commenced; lodge a Suspicious Transaction Report (STR) with the Financial Monitoring Unit (FMU), notify it to the SECP, also notify to the Ministry of Foreign Affairs in case that person is designated under UN Security Council Resolutions, and notify the National Counter Terrorism Authority (NACTA) in case that person is designated under the Anti-Terrorism Act, 1997.
from The News International - National http://bit.ly/2Y2VGCs
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