Lahore: The federal government has announced a comprehensive crackdown on money laundering and Hawala-Hundi operations, reiterating that such illegal financial activities will not be tolerated under any circumstances.
The decision was made during a high-level meeting jointly chaired by Federal Minister for Interior Mohsin Naqvi and Federal Minister for Finance Muhammad Aurangzeb on Tuesday. Senior officials from the State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) also attended the session.
Officials agreed that strict action will be taken against major business entities involved in transferring funds abroad through illegal channels. Funds will henceforth only be allowed to move overseas via formal banking systems or other legal avenues, while the government will streamline outward remittances through authorised money changers.
Read:
To ensure effective monitoring and enforcement, a joint working group comprising the SBP and FIA will be established. The group will track progress and take necessary measures against individuals and organisations engaged in illicit money transfers.
Addressing the meeting, the Interior and Finance Ministers emphasized that major money launderers will be brought to justice and warned that Hawala-Hundi networks will face stringent action. The SBP governor briefed the participants on the formal banking channels available for remittances, underscoring the need to prevent misuse of informal networks.
The move reflects the government’s commitment to curbing financial crime, ensuring transparency in fund transfers, and maintaining integrity in the country’s financial system.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
