Latest news with #Anti-MoneyLaunderingandCounteringtheFinancingofTerrorism
New Straits Times
5 days ago
- Business
- New Straits Times
XOX Technology appoints Mohd Effendi as CEO
KUALA LUMPUR: XOX Technology Bhd has appointed Mohd Effendi Mat Aris as its chief executive officer (CEO), taking over from Azril Aliuddin, who resigned on May 15, 2024. In a filing with Bursa Malaysia, the technology company said Mohd Effendi is a seasoned professional with a distinguished career spanning over two decades across the public, private and non-governmental sectors. "His most recent position was the deputy head of the Intelligence Section, Integrated Operations Division at the National Anti-Financial Crime Centre (NFCC) under the Prime Minister's Department. "He plays a pivotal role in coordinating intelligence operations, inter-agency enforcement efforts and strategic deployment within the national Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework," it said. XOX Technology also said that Mohd Effendi's professional background includes leadership roles such as chief financial officer of My Teakwood Holding Sdn Bhd, head of the Financial Forensic Unit at the Malay Chamber of Commerce Malaysia, agency director at Etiqa Takaful Bhd and regional finance analyst with Jardines Group. "His career reflects a solid foundation in financial governance, regulatory compliance, and cross-border cooperation," it said.
Arab News
15-04-2025
- Business
- Arab News
Pakistan moves to amend company laws to curb financial crimes under FATF guidelines
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) said on Tuesday it had proposed amendments to the Companies Regulations 2024 to set up a centralized UBO Registry for the corporate sector in line with guidelines on financial transparency by the Financial Action Task Force (FATF). UBOs (Ultimate Beneficial Owners) are the owners or the persons who are in charge of a company. A UBO register helps to prevent financial and economic crimes such as money laundering, financing terrorism, tax fraud, and corruption. The register makes it clear to whom money is sent so any potential financial crimes cannot be hidden behind a corporation. 'In terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission [SECP] through the eZfile portal along with other relevant regulatory returns/forms,' the SECP said in a statement. 'This information can be accessed by Financial Institutions, as and when required.' Pakistan was removed in 2022 from a FATF grey list that warranted increased surveillance for terrorism financing. Pakistan was listed in 2018 because of 'strategic counter-terrorist financing-related deficiencies.' 'In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data. This reform is expected not only to highlight Pakistan's commitment to global best practices but also strengthens investor confidence in the country's financial ecosystem,' SECP said. The Commission said the centralized registry concept was aimed at boosting financial transparency and aligning Pakistan's 'Anti-Money Laundering and Countering the Financing of Terrorism' framework with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD) and other international organizations.
