Saturday, July 20, 2024

4TH Financial Crime Summit Highlights Critical Challenges & Proposes Solutions

The 4th annual financial crime summit was held today in Karachi, with the theme ‘Post-FATF Financial Crime Action Plan – Continuing the National Anti-Financial Crime Agenda’. The Summit was organized by Dellsons Conferences under the banner of Dellsons Associates, together with its Knowledge Partner, A. F. Ferguson & Co. (a member firm of the PwC network). The summit was attended by more than 400 people from across various sectors and included representatives from regulatory authorities, law enforcement agencies, banks and financial institutions, academia, media and others.

The Honourable President of the Islamic Republic of Pakistan, Dr. Arif Alvi graced the event as the Chief Guest. Speaking at the Summit, Dr. Arif Alvi emphasized that the need of the hour is for the financial community to stay a step ahead of them (people committing financial crimes) at all times. With effective collaborations between various stakeholders, data sharing protocols can enable us to ensure sustainability and progress in the times to come. He appreciated the effort of Dellsons Associates and its Chairman, Ibrahim Amin and the knowledge partners A. F. Ferguson & Co. in continuing to organize the Summit annually on this critically important and relevant to the times subject.

In addition to the address of the President of Pakistan, the pre-lunch session of the Summit featured speech by Guest of Honor Salim Raza, former Governor SBP and member Board of Directors, HBL, speech by Guest of Honor Kazi Rahat Ali, Secretary General, Pakistan Freelancers Association (PAFLA), and keynote speech by Nadeem Hussain, Chairman, Planet N Group.

Key highlights of the Summit included a number of speeches, presentations and panel discussions including from Presidents & CEOs of banks and non-bank institutions, Chief Compliance Officers of banks and key regulatory authorities and LEAs. The Summit also included presentation from Syed Faraz Anwer, Partner Consulting A. F. Ferguson & Co., on the results of the 2e financial crime survey held by the firm in 2022, as well as from few international speakers from consulting, academia and fintech backgrounds.

“This Summit was the need of the hour, especially with Pakistan exiting the FATF grey list in recent months,” declared Ibrahim Amin, Chairman of Dellsons, and added, “As a nation we have to ensure that the commitments made to FATF are strictly met and there is a robust post-FATF Financial Crime Action Plan in place, so that Pakistan never again risks being placed on the grey list.”

Syed Faraz Anwer, Partner Consulting, A. F. Ferguson & Co, while speaking at the conference mentioned that Pakistan is out of the FATF grey list due to concerted efforts of all the concerned stakeholders but the fight against financial crimes doesn’t end here. Sustainability is now key in continuing our alignment with global standards and best practices to ensure that Pakistan doesn’t get back into the grey list.

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