PFG Money proposes to protect the integrity and stability of international financial system by cutting off the resources made available to the terrorists and making it more difficult to those who are engaged in crime to make profit from their criminal activity.
As a responsible business, PFG Money has stringent policies and procedures to counter terrorism financing and money laundering.
This is a practice by which criminally/illegally earned money or other assets are exchanged for "clean money" with no apparent association to its criminal origins. In the simplest form, criminals disguise the money gained from illegal activities to legal fund. The reasons to launder money may be to hide wealth, evade taxes, to increase profits or to avoid prosecution and other illegal activities. The socio- economic consequences of money laundering includes expansion of black economy raising questions on credibility and transparency of financial system. This helps to expand the crime and criminalize the society and weakens the Government control over the economy.
Terrorism Financing is the process of funding terrorists, their activities and their organizations. It involves providing or collecting funds where the person is irresponsible as to whether the funds will be used to facilitate or engage in a terrorist act. Terrorism can be raised by legitimate and illegitimate sources such as fund raising activities or drug trade or fraud. The effort to combat against terrorism financing is of great significance. This is considered as a comprehensive setback to the financial institutions like PFG Money.
To protect the reputation of the institution and to discharge the social responsibility towards the community, we do have to fight against the terrorism financing. An appropriate application of these policies and procedures help PFG Money to avert terrorism funding by 'Know Your Customer' policy or by means of blocking the transactions of names which are blacklisted.