Law: Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018

Section: 6(2),6(3),6(4),6(5),9(3),9(4),13(3)

Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018-------Reglns. 6(2), 6(3), 6(4), 6(5), 9(3), 9(4) & 13(3)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss. 40-A & 33---Anti-money laundering regulatory framework, non-compliance of---Rectification of contraventions after visit of the inception team of Securities and Exchange Commission of Pakistan ('the Commission')---Investment Management Company was penalized by the Commission for contraventions of Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018---Contention of the appellant /company was that rectification of the alleged contravention had been done---Held, that subsequent rectification actions by the appellant to comply with the Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018 ('the regulations') did not absolve it (appellant) from committed violations---Said regulations were effective immediately after their issuance and warranted the appellant to ensure compliance in its true letter and spirit---No interference by the Appellate Bench was made out in the impugned order passed by the Securities and Exchange Commission of Pakistan---Appeal filed by the Investment Management Company was dismissed, in circumstances.ORDER1. This Order shall dispose of Appeal No. 71 of 2019 filed by AKD Investment Management Limited (the "Appellant") under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 against the order dated August 05, 2019 (the "Impugned Order") passed by the Commissioner (SCD) to dispose of the proceedings against the Appellant initiated through the Show-Cause Notice (the "SCN") dated May 07, 2019 under Section 282J(1) read with Section 282M(1) of the Companies Ordinance 1984 and Section 40A of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997).2. The brief facts of the case are that inspection of the Appellant was conducted in pursuance of the inspection order dated December 13, 2018 to review and…

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