CFE Advances Fraud Investigations Awareness in Pakistan
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GUEST BLOGGER
Alani Mundie, CFE, International Law Enforcement Liaison
The Securities Exchange Commission of Pakistan (SECP) recently announced a landmark decision benefitting the anti-fraud community of Pakistan. In response to an appeal made by Zafar Anjum, CFE, CIS, the SECP ruled to allow the word “investigation” into the titles of private companies.
Prior to the appeal, the government of Pakistan, including the SECP, didn’t allow “investigation” to be part of a private company name during the course of business formation or incorporation. Therefore, entities that conducted fraud investigations could not incorporate their businesses as such. This restriction on the formation of private fraud investigation businesses significantly stifled the growth of private sector anti-fraud practices.
The SECP’s decision to rule in favor of Mr. Anjum’s appeal allows Certified Fraud Examiners (CFEs) in Pakistan to incorporate their companies and provides the opportunity for private and public sector partnerships to mitigate fraud risks associated with business and financial sector practices.
The SECP’s decision to rule in favor of Mr. Anjum’s appeal allows CFEs in Pakistan to incorporate their companies and provides the opportunity for private and public sector partnerships to mitigate fraud risks associated with business and financial sector practices.
Zafar Anjum, CFE, CIS, is the CEO of CRI Group, a global supplier of investigative, forensic accounting, business due diligence and employee background screening services for some of the world’s leading business organizations. CRI Group is comprised of Corporate Research and Investigations (Pvt) Limited, headquartered in Islamabad, Pakistan and CRI Middle East, the Dubai-based affiliate and member of the Dubai International Financial Centre. In addition, CRI Group has offices in Lahore, Karachi and the United Kingdom. Anjum plays an active role in the anti-fraud community and his appeal to the SECP is a great achievement for the anti-fraud profession in Pakistan.
For more information about the ACFE's International Law Enforcement Partnership, go here.