Islamabad: The Federal Board of Revenue (FBR) and Saudi Customs Authority (SCA) are expected to sign a Memorandum of Understanding (MoU) in a bid to exchange information in real-time on matters relating to customs, a news source reported. As per officials, this initiative will be a step towards addressing various problems; including money laundering, misdeclaration of imported goods and drug smuggling. The data will detail the value of goods originating in either country.
A delegation of the SCA visited the FBR to discuss matters of mutual concern and discuss possibilities of collaboration in the future. The meeting discussed cooperation in several areas of shared interest; including setting up a programme for economic cooperation, exchange of information about goods being produced in either country, and timely exchange of intelligence data and passenger information to curb money laundering. The countries will also assist one another in the arrest, investigation and trial of drug dealers.
Contact officers will be designated in both countries to facilitate this cooperation. Plans are also underway to automate the customs procedure in an attempt to lower the possibility of such problems.
The Saudi delegation asked to launch a public awareness drive about new limits on currency they recently introduced to facilitate visitors from Pakistan. In response, the FBR officials said they eager to assist in any manner they could.