Islamabad: Fulfilling the another compliance of Financial Action Task Force, the government has formed a supervisory board to determine investments of banned out-fits and persons connected to them in the national saving schemes.
The additional finance secretary has been made Chairman of the supervisory board while members of finance ministry, State Bank of Pakistan, SECP and FUM are also made part of the board. Besides that DG financial action task force has also been made member of the board.
The supervisory board will take action against violations of the national saving rules while the board will bar money laundering and collection of money for terrorism. While the board will confiscate suspicious investment in the national savings.
It will also take action against people involved in the suspicious investment.