Tuesday, April 16, 2024

2500 Non-Profit Organizations Registered in Punjab to Meet FATF Requirements

As per sources, the Punjab home department has registered around 2500 Non-Profit Organizations (NPOs). 5300 NPOs have applied for registration with the Punjab Charity Commission under the Punjab Charity Act 2018, according to sources in the home department.

Registration is being processed for 2800 NPOs. The Punjab government had earlier made it compulsory to register with the Punjab Charity Commission for all NPOs in the province, and this decision was taken to fulfil the requirements of the Financial Action Task Force (FATF).

It should be noted that a Charity Commission Act has been enacted by the Punjab government to eliminate money-laundering and terror funding and to track NGOs. It has been made compulsory under this Act for all NGOs to register. The Societies Act, Trust SECP and the Department of Social Welfare have registered about 30,000 NGOs.

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