The federal government on Tuesday approved a new nationwide crackdown against money-laundering and hawala-hundi networks, vowing strict action against anyone involved in illegally transferring funds abroad.
The decision was taken in a high-level special meeting jointly chaired by Interior Minister Mohsin Naqvi and Finance Minister Muhammad Aurangzeb. The participants resolved that strict action would be taken against major business figures and institutions involved in illegally transferring funds abroad.
Officials agreed that no one involved in such practices would be granted any leniency, adding overseas remittances must be sent strictly through banking channels and other legally approved mechanisms.
To facilitate legal transfers of funds, the meeting decided to streamline the process of sending money abroad through money-changers to eliminate loopholes and ensure complete transparency.
Both ministers, according to a statement, emphasized that the entire mechanism for foreign remittances will be made “transparent and foolproof.” They also emphasized that all illegal channels used for transferring funds abroad would be discouraged at every level.
The meeting stressed on taking firm action against “big money launderers,” with the ministers reiterating that the business of hawala-hundi would not be tolerated under any circumstances.
The meeting also approved the formation of a joint working group of the State Bank of Pakistan and the Federal Investigation Agency to regularly review progress on all relevant matters linked to combating illegal financial flows.