All terror financing accounts to be freezed, SBP issues directive to banks

ISLAMABAD: In a major move to clamp down on terrorism financing, the State Bank of Pakistan (SBP) has directed all banks in the country to freeze accounts worth millions of rupees linked to 2,021 individuals listed on the Fourth Schedule of the Anti-Terrorism Act (ATA) 1997.

“All banks, development finance institutions and microfinance banks have been advised to take immediate action as per requirement of the law against individuals, whose names are included in the lists of fourth schedulers provided by the National Counter-Terrorism Authority (Nacta),” an SBP source told Dawn, quoting from a directive issued to the banks.

Section 11-O of the ATA provides for freezing and seizing of money or other property owned directly or indirectly by a proscribed person.

A list of 2,021 individuals — mostly leaders and office-bearers of sectarian groups — has been sent to banks along with the directive


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