ISLAMABAD: The Model Customs Collectorate (MCC) Exports capture of consignments being exported on fake documents prompted Pakistan Customs to plan carrying out investigation into transactions of commercial exporters to discover linkages of money laundering.
It is to be noted that the MCC (Exports) Karachi caught a leather industry, reportedly, involved in exporting consignments to UAE on fake documents. The Collectorate also seized five containers of the company being shipped to Dubai under fake documents. On suspicion, the MCC got verified Form-Es of the consignments from the bank concerned and found the Form-Es to be fake. Later, the Collectorate, upon a scrutiny of the company’s past shipments, learnt that the company had exported goods worth over $0.6 million on fake documents.
On the other hand, a study of the government’s policies reflects that lack of provisions to curb money laundering have crippled the departments concerned to stop inward and outward movement of foreign currency through illegal channels. Currently, all black money – either generated by extortion mafia, land grabbers, tax evaders – can easily be laundered through Hawala or Hundi as section 111(4) of the Income Tax Ordinance, 2001 provides immunity from probe to the recipients of foreign remittances through proper banking channels.
Meanwhile, experts while dilating on the issue, regretted that majority of commercial exporters used to submit fake Form-Es and receive foreign exchange through Hawala or Hundi. They attributed all such illicit transactions to tax evasion and camouflage the usage of foreign exchange. They pointed out that under the prevailing situation when the country was grappling with the menace of terrorism, effective curb on money laundering was inevitable to contain it.
