ISLAMABAD – Securities and Exchange Commission of Pakistan (SECP) does not have any capacity to investigate the money laundering cases, Online has learnt.
Although the commission has an Anti-Money Laundering (AML) Cell since 30 March 2017 but it can only address the potential of money laundering within the capital markets, insurance, the NBFCs and the not-for-profit corporate sector.
The apex court ordered the formation of a 5 member Joint Investigation team (JIT) comparing of five departments including SECP to carry out an investigation into Panama case.
Sources told this scribe that a meeting was held under the chair of Zafar Hejazi, chairman SECP to implement the court decision after instructions from Finance Ministry. The meeting was attended by officers of data, money laundering and offshore companies sections.
Although the commission does not have any capacity to investigate the money laundering cases, the SECP will send three names to the apex court within two or three days, sources added.
It is worth mentioning here that SECP Chairman Zafar Hijazi while briefing the Public Accounts committee in September 2016 had said that his department would not cross its limits.
Earlier, SECP had made a blunder while registering Pakistan Airways without confirming the address.
It is pertinent to mention here that the government had recently established an Anti-Money Laundering (AML) Cell in SECP to effectively address any potential of money laundering within the capital markets, insurance, the NBFCs and the not-for-profit corporate sector.-Online