By our correspondent
ISLAMABAD: Pakistan announced a major crackdown on money laundering and the hawala–hundi network, signaling a new phase in the government’s efforts to tighten control over illicit financial flows. The decision followed a high-level meeting chaired by Interior Minister Mohsin Naqvi and Finance Minister Muhammad Aurangzeb, where officials agreed on decisive measures against illegal money transfers.
Authorities said they would intensify action against individuals and businesses involved in sending funds abroad through informal channels. Officials emphasized that there would be no leniency for major operators, reflecting growing concern over unregulated transfers that undermine the formal economy and complicate efforts to monitor financial transactions.
The meeting concluded that all overseas remittances must be routed through legal banking channels. Officials also called for streamlining the operations of licensed money changers to ensure transparency and close gaps in regulatory oversight. The ministers insisted that the entire remittance system should be made “foolproof” to discourage illegal practices at every level.
Participants outlined plans to take firm action against large-scale money launderers. Both ministers made clear that hawala and hundi operations would not be tolerated under any circumstances, signaling a zero-tolerance approach. A joint working group, consisting of officials from the State Bank of Pakistan and the Federal Investigation Agency, was to be established to monitor progress and coordinate enforcement measures.
Senior officials, including the central bank governor and the FIA director general, attended the session. They were briefed on existing systems for remittances through formal banking channels, as well as the challenges posed by informal money transfer networks.
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