The authorities have tightened the noose around major businesspersons and institutions involved in sending funds abroad through illegal means, with a clear warning that no leniency will be extended to those engaged in money laundering and hundi operations.
A decision has also been taken to constitute a joint working group comprising the State Bank and the Federal Investigation Agency to address the issue.
The decision came at a special meeting held in Lahore under the chairmanship of Federal Interior Minister Mohsin Naqvi and Finance Minister Muhammad Aurangzeb. The meeting resolved to launch a comprehensive crackdown against the money laundering and hundi mafia.
It was decided that strict action would be taken against major businesspersons and institutions involved in transferring funds abroad through unlawful channels.
The meeting further decided that no concession would be granted to individuals or entities involved in money laundering and hundi practices. Funds may be remitted abroad only through banking and other legal channels.
The process of sending funds abroad through money changers will also be streamlined.
The entire mechanism for overseas remittances will be made transparent and foolproof. All channels used for illegal transfer of funds abroad will be discouraged at every level. Firm action will be taken against major money launderers.
The interior and finance ministers agreed that the hundi business would not be tolerated under any circumstances. The working group will regularly review progress on all related matters.
