The government has decided to launch a major crackdown on money laundering and illegal hawala hundi operations.
A high-level meeting was held under the joint chairmanship of Interior Minister Mohsin Naqvi and Finance Minister Muhammad Aurangzeb, where participants agreed to take strict action against networks involved in illicit financial transfers.
It was decided that large business figures and organisations involved in sending money abroad through illegal channels will face tighter scrutiny. Officials said there would be no leniency for any influential individual or institution found to be involved.
The meeting also agreed that funds can only be transferred abroad through banking channels and other legal means. At the same time, the process of sending money through exchange companies will be streamlined to improve oversight and transparency.
Authorities further decided to make the entire system of outward remittances more transparent and secure. Officials said all illegal channels used for transferring money will be discouraged at every level.
Participants stressed that major money launderers will be dealt with firmly, adding that hawala hundi operations will not be tolerated under any circumstances.
To support this effort, a joint working group comprising the State Bank of Pakistan and the Federal Investigation Agency will be formed. The group will regularly review progress on related matters.
During the meeting, the State Bank governor briefed participants on the existing system for transferring funds through banking channels. The Director General of the FIA, the State Bank governor, and the federal finance secretary also attended the session.
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