ISLAMABAD (APP) - Chairman Senate Farooq H Naek on Tuesday underlined the need to comprehensively throttle finances of terrorist groups and block the flow of funds that fuel terrorism across the world. He was addressing the participants of workshop here on 'strengthening parliamentary oversight for effective implementation of AML/CFT legislation, organised by United Nations Counter Terrorism Executive Directorate (UNCTED). The chairman said additional efforts are needed to freeze terrorist assets, to enact legislation to criminalise terrorist financing, and to improve information sharing between financial intelligence units. He said eliminating the critical problem of global terrorism requires a multi-dimensional response and measures that must be well synchronised and coordinated to accentuate the impact and achieve desired results. In this regard, one of our foremost challenges is curbing the flow of money that serves as the crucial lifeline for survival and operational mobility of terrorist organizations, Naek added. He said as such, money laundering and financing of terrorism are global problems that not only threaten security, but also compromise the stability, transparency, and efficiency of financial systems, thus undermining economic prosperity. He said amendment need to be made in the International Companies Act on the basis of which off-shore companies are registered. He added amendments should be such which would not allow financing for terrorism as well as block the flow of money for terrorist activities under the garb of off-shore companies registered under International Companies Act. He said parliament has a very important role in complimenting anti-money laundering campaign and strengthening of efforts to curb financing for terrorism. The chairman senate said by integrating challenges into legislative interventions, parliament can provide the necessary legal edifice to build an effective anti-money laundering regime that prevents the flow of money into wrong hands. In addition, through its important privilege of oversight, parliament can ensure effective implementation of the legislation it passes to maximise the impact, he added. He said an effective medium in this regard is the parliamentary standing committees, which deal with specific subjects, and are mandated to make recommendations for law-making as well as perform the oversight function. Empowered to summon both public and private entities, these committees can ensure that financial institutions and other providers of financial services adhere to their legal obligations and pre-requisites to ensure transparency in financial transaction, he said. He added in this way, relevant committees can ensure that financial sector is more vigilant regarding traceability and transparency with respect to the movement of funds, as well as identifying and reporting unusual transactions to the authorities concerned.