NAB cell to combat terrorist financing, money laundering

The National Accountability Bureau (NAB) created the Anti-Money Laundering and Combating the Financing of Terrorism (AML & CFT) cell to verify financial crimes and illegal transfer of funds.

“To discourage money laundering, the NAB created the Cell for the Prevention of Money Laundering and Combating the Financing of Terrorism (AML & CFT). This shows the bureau’s commitment and compliance with the resolution of the international community,” said an official press release issued by the anti-graft agency.

According to Section 33 of the NAO, 1999, the NAB was designated for awareness and prevention. To this end, it has engaged different governmental and non-governmental organizations, civil society, and other segments of society to join hands in its awareness and prevention efforts to inform people, especially young people.

In 2019, the Securities and Exchange Commission of Pakistan (SECP) issued the Anti-Money Laundering / Terrorist Financing Guidelines for non-profit organizations based on the FATF recommendations.

According to a NAB official, being a member of the United Nations Convention against Corruption (UNCAC), the bureau needed to create a cell to eradicate corruption and unleash corruption in Pakistan by adopting the policy of ‘Accountability for All’.

“To eradicate this evil from society, it has consistently engaged with all stakeholders and is relentlessly fighting this national threat with unshakable determination through its multifaceted strategy, which has begun to produce remarkable results,” added the official.

The press release held to say that, due to its impressive performance, “China has also signed an MoU with it to oversee the CPEC projects being carried out in Pakistan.”

In this regard, an MoU was also signed with the Commission on Higher Education (HEC) to educate students against corruption.

NAB has recovered Rs 814 billion directly and indirectly under the law since its inception, with Rs 323 billion recovered in 2020 through the application of the anti-corruption strategy. In addition, there are currently 1,273 references in process in the liability courts, with the NAB conviction rate around 66pc.