Terrorism, Money Laundering Cases to be filed for Foreign Transfer of Dollars in guise of Business

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In order to curb illegal use and wastage of foreign exchange, the state bank of Pakistan has prepared a legal framework in this regard. According to the State Bank of Pakistan, the misuse of foreign exchange eventually results in money laundering. A spokesperson of the central bank stated that the new legislation will help in curbing the the misuse of foreign currency.

Furthermore, the transfer of US dollar in the name of business to foreign countries will be considered as money laundering. The new framework also gives the concerned authorities more help against such individuals who use business for transfer of illegal money. As per SBP, the concerned authorities will now be able to register money laundering and terrorism cases against individuals involved in such activities. The banks have been advised to spread awareness among it’s customers regarding the new law.

All the businessmen across the country have also been advised to submit the complete details of their business. In case of false information the authorities have the right to register cases against the individual. Moreover, it has been made compulsory for all people to register the precise worth of the business products. This will help the authorities to stop the transfer of money by illegal means through under and over-invoicing.

Earlier, the state bank of Pakistan had imposed fines worth billions of rupees against commercial banks for not complying with the rules and regulations of the central bank.

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  • Its a must…that needs to be done…these businessman are injuring economy severely…specially big trading organization,….under invoicing, import from india via dubai, money laundering…etc

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