Islamabad, November 6, 2023 – The Securities and Exchange Commission of Pakistan (SECP) and the Federal Investigation Agency (FIA) have formalized a memorandum of understanding (MoU) for enhancing the security of Pakistan’s digital financial system,
This MoU, signed on Monday, marks the beginning of a structured information-sharing and cooperation mechanism between the two organizations, as announced in a press release.
At a ceremony held at the SECP head office, Director General of FIA, Mohsin Hassan Butt (PSP), and SECP Chairman, Akif Saeed, inked the agreement. The collaboration aims to establish a strong foundation for future initiatives, emphasizing the importance of safeguarding Pakistan’s digital financial system from cybercrime and fraud threats.
Akif Saeed, Chairman of SECP, expressed his appreciation for the FIA’s commitment to cooperation and sought the agency’s support in enhancing the skills and capabilities of SECP officers, particularly in the realm of forensic evidence collection. He acknowledged the critical role of such training in strengthening the country’s ability to combat financial crimes effectively.
Director General FIA, Mohsin Hassan Butt, confirmed that the MoU would facilitate not only information sharing but also the utilization of shared resources and infrastructure, ultimately leading to more efficient and effective handling of investigations concerning illegal deposit-taking and fraud that adversely affect the public. He endorsed the Chairman’s proposal to initiate capacity-building training for SECP officers.
Recognizing the importance of efficient information exchange, both heads agreed to appoint focal persons from the regional offices of FIA and SECP. These designated individuals will play a crucial role in ensuring the seamless sharing of information between the two organizations.
Muzzafar Mirza, SECP’s Head of Prosecution and Legal Affairs, delivered a comprehensive presentation outlining SECP’s mandate and prosecution mechanism. This presentation shed light on the regulatory body’s responsibilities and how the collaboration with FIA will strengthen its ability to address financial irregularities and fraud more effectively.
The signing of the MoU is a significant step towards enhancing the synergy between SECP and FIA. It reflects the commitment of both organizations to combat cybercrime and fraud in the digital financial space. As Pakistan’s financial sector continues to evolve in the digital era, such collaborations are essential to ensure the safety and security of the country’s financial systems and the protection of the public’s interests.
This partnership will not only facilitate the sharing of vital information but also contribute to the capacity building of officers and the efficient utilization of resources, ultimately making it harder for cybercriminals to operate within Pakistan’s digital financial landscape. The establishment of focal points within regional offices will further enhance the effectiveness of this collaboration, ensuring that information flows seamlessly between SECP and FIA.
As the collaboration between SECP and FIA deepens, the financial sector of Pakistan can look forward to enhanced security measures and more robust safeguards against cybercrime and fraud threats, thus promoting a secure and thriving digital financial ecosystem.
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