Call for independent financial reporting body
The Audit Oversight Board (AOB) established under the SECP Act, 1997 to regulate audit profession in the country and the Accounting Standards Board (ASB) recently formed under the control of…
Need for financial reporting council
There is dire need to establish Financial Reporting Council (FRC) in Pakistan as an autonomous regulator to promote corporate governance and reporting to safeguard the interest of all stakeholders. The…
Monthly reporting by MoF: good practice
The Ministry of Finance (MoF) has started a very good practice since March 2020 of preparing a monthly report with the latest economic update and outlook. The Economic Adviser’s Wing…
Illicit financial flows in the region
A recent study (November 24, 2017) provides an assessment of routes, actors and sources of Illicit Financial Flows (IFFs) and corruption in and between Kyrgyzstan, Tajikistan, Afghanistan, Pakistan, India, Nepal,…
Unlocking the financial safe havens
One does not know the exact amount that has been siphoned-off to foreign safe havens by our corrupt lot. The very clandestine nature of the activity renders it impossible to…
Illicit financial flows in the region
A recent study (November 24, 2017) provides an assessment of routes, actors and sources of Illicit Financial Flows (IFFs) and corruption in and between Kyrgyzstan, Tajikistan, Afghanistan, Pakistan, India, Nepal,…
Financial institutions: A framework for technology governance
State Bank of Pakistan released its "Enterprise Technology Governance & Risk Management Framework for Financial Institutions" at the end of May 2017 and expressed its desire that all FIs to…
Some key challenges: Global financial services industry
Global financial services industry is facing many challenges due to new legal requirements, in the fields of compliance, banking and capital market reforms. To understand emerging new realities, this write-up…
US Bank Secrecy Act of 1970: Currency reporting and crime of structuring
Despite provisions of currency reporting and the crime of structuring in the Bank Secrecy Act, 1970 neither the implementers nor the law enforcement agencies noted the importance of the measures.…
Crime and terrorism: Financial challenges – II
Risk-based approach: Nations are operating within a comprehensive international framework that deters financial crime and terrorism in the first place; detects it when it happens and disrupts the activities of…
