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NAB and SECP to take action against illegal foreign exchange companies

ISLAMABAD (August 29 2003) : National Accountability Bureau and Securities and Exchange Commission of Pakistan have agreed to work in close co-ordination and liaison on ongoing action against brokerage and forex companies carrying out illegal, unauthorised and fraudulent activities.

Chairman National Accountability Bureau (NAB) Lieutenant General Munir Hafeez on Thursday visited the Securities and Exchange Commission of Pakistan (SECP) head office and met Dr Tariq Hassan, Chairman SECP and senior officials of the commission.

A detailed presentation was made to the visiting delegation by the commission about the SECP's transformation into a transparent, efficient and independent regulator of the capital market and corporate sector, including the non-banking financial sector.

Four main areas of focus were highlighted which are of mutual concern to the two organisations including transparency issues, accountability, anti-money laundering and anti-corruption initiatives.

They were further briefed about the commission's reform agenda and the achievements to date.

Measures introduced in the stock market to enhance transparency, improve governance as well as risk management were also discussed.

Chairman, SECP informed Chairman NAB that SECP and SBP are actively taking action against fraudulent forex and brokerage companies and expressed hope that NAB would also play an active role in netting individuals and firms involved in the illegal activities.

The collaboration by these institutions would ensure that irrespective of the form of organisation or business activity, no one would escape the ambit of law.

Chairman NAB expressed his appreciation for the commission's proactive role in enhancing transparency and commitment to combat financial crimes.

He assured Chairman SECP of NAB's full cooperation, particularly in the case of illegal brokerage firms and individuals.

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