A high-level meeting co-chaired by Interior Minister Mohsin Naqvi and Finance Minister Muhammad Aurangzeb has decided to launch a sweeping crackdown against money laundering and the hawala/hundi network.
The meeting decided to tighten enforcement against major business figures and institutions involved in sending funds abroad through illegal channels. Authorities made it clear that no leniency will be shown to individuals or entities found engaged in money laundering or informal transfer systems.
Officials emphasized that all overseas remittances must be routed through formal banking systems and other legal channels. The process of transferring funds abroad via licensed exchange companies will also be streamlined to ensure transparency and compliance.
The government officials agreed to make the entire mechanism for outward remittances more secure, transparent, and foolproof, while discouraging illegal channels at every level.
The ministers reiterated that strict action will be taken against large-scale money launderers, stressing that the hawala and hundi systems will not be tolerated under any circumstances.
The meeting also approved the formation of a joint working group comprising the State Bank of Pakistan and the Federal Investigation Agency to monitor progress and oversee enforcement measures.
The governor of the central bank briefed participants on the existing system for remittances through banking channels. Senior officials, including the FIA Director General and the Finance Secretary, also attended the session.