SOHAIL SARFRAZ

ISLAMABAD: The Securities & Exchange Commission of Pakistan (SECP) Monday prohibited all companies from donating cash to Jamaat-ud-Dawa (JuD), the charity wing of banned outfit Lashkar-e-Taiba, as well as several other individuals and organizations named in a comprehensive list of banned outfits by the United Nations Security Council (UNSC).

According to SRO # 1(I)/2018 issued by the SECP here on Monday, the Securities and Exchange Commission of Pakistan hereby prohibits all companies from donating cash to the entities and individuals listed under the UNSC sanctions committee’s consolidated list.

The UNSC’s list also included names of Lashkar-e-Taiba itself, the Falah-i-Insaniat Foundation (FIF), Paasban-i-Ahl-e-Hadith and Pasban-i-Kashmir, among others.

The SECP notification said whereas the United Nations Security Council (UNSC) sanctions committee, pursuant to the Resolution 1267 (1999) and other subsequent resolutions, concerning al Qaeda and associated individuals, approves the addition, amendments and deletion in the consolidated list of individuals and entities subject to the sanctions covering assets freeze, travel ban and arms embargo set out in the Security Council resolutions adopted under Chapter VII of the Charter of the United Nations, the government of Pakistan under the United Nations (Security Council) Act, 1948 gives effect to the decisions of the UNSC whenever the consolidated list maintained by the Sanctions Committee is updated.

The Ministry of Foreign Affairs issues the statutory regulatory orders (SROs) to give legal cover for implementing sanction measures under the UNSC resolutions. The consolidated lists available at the UN sanctions committee’s website, are regularly updated and can be accessed at following link:

www.un.org/sc/committees/1267/aq_sanctions_list.shtml

The government of Pakistan has already prescribed penalty up to Rs10 million for non-compliance of sanctions regime being implemented through SROs under the UN (Security Council) Act, 1948.

Now, therefore, and in pursuance of the section 453 of the Companies Act, 2017 read with section 510 thereof, the Securities and Exchange Commission of Pakistan hereby prohibits all companies from donating cash to the entities and individuals listed under the UNSC sanctions committee’s consolidated list, as mentioned above, the SECP notification added.

INP adds: The development follows reports of a government decision to take action against organisations and individuals linked to terrorism at a recent high-level meeting on national security.

As per reports, in the first phase of the action against JuD and FIF, investigation will be launched into the source of funding for ambulance services of both the organisations. Following the investigation, the Punjab government will take over the control of all the projects of JuD.

Muridke Markaz is also going to be handed over to the Punjab government, sources stated further.

The Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) will scrutinise funding, assets of both organisations, sources informed.

Meanwhile, the Jamaat-ud-Dawa’s leadership has announced to move courts and pledged to fight a legal war if the government decides to take custody of ambulances run by JuD and its Falah e Insaniat Foundation (FIF).