Financial institutions have been directed to be more vigilant over financial transactions of non-governmental organizations to check activities like whitening the black money and financial aid to terrorism.
According to a Radio channel, Economic experts and bankers are terming new orders of Pakistan’s central bank, State Bank of Pakistan, regarding the scrutiny of bank accounts of non-governmental organizations as the steps to discourage financial activities to support terrorism.
The experts said new steps of State Bank of Pakistan will be helpful to make more transparent the financial aid to NGOs, adding, it is worth mentioning that Pakistan and other countries have taken many steps to check money laundering and support to terrorism after nine eleven incident.
State Bank of Pakistan, in its instructions, advised to all commercial banks and financial institutions to scrutinize all bank accounts sternly up to 31st June.
Spokesman State Bank of Pakistan Waseemuddin avoiding to give the details of new instructions said, “it is the duty of State Bank of Pakistan to make more secure the accounts of account holders”.
State Bank also banned collection of contributions through personal accounts, while NGOs will be required to produce their registration documents, bank accounts and government permissions to open bank accounts.