ISLAMABAD: The government of Pakistan has decided to launch a large-scale crackdown against illegal foreign currency transfers, targeting networks involved in money laundering and hawala/hundi operations.
The decision was taken during a high-level meeting co-chaired by Interior Minister Mohsin Naqvi and Finance Minister Muhammad Aurangzeb, where authorities agreed to intensify enforcement against individuals and institutions using informal channels to send funds abroad.
Officials made it clear that strict action will be taken against those involved in illegal transfers of currencies such as the US dollar, British pound, and euro. “No leniency will be shown,” authorities emphasized, warning that all forms of money laundering and undocumented transactions will be dealt with firmly.
The meeting stressed that overseas remittances must be routed through formal banking systems and legal channels only. Authorities also agreed to streamline the process of transferring funds abroad through licensed exchange companies to improve transparency and compliance.
To strengthen enforcement, a joint working group has been formed, comprising the State Bank of Pakistan and the Federal Investigation Agency. The group will monitor progress and oversee actions against illegal financial networks.
Officials noted that the move is aimed at making the remittance system more secure, transparent, and efficient, while discouraging the use of informal channels such as hawala and hundi.
The governor of the State Bank of Pakistan briefed the meeting on the current banking system for remittances, while senior officials including the Director General of the Federal Investigation Agency and the Finance Secretary also participated in the session.
Authorities reiterated that large-scale money laundering operations will not be tolerated, emphasizing the government’s commitment to strengthening financial regulations and protecting the economy.
