WMLRO.Com: Pakistan minister speaks out against currency smuggling and money laundering
Pakistan's Federal Interior Minister Rehman Malik says that the weakness in the Pakistani Rupee is due to "currency smuggling and money laundering
Rahman Malik was speaking on the sidelines of a meeting of the National Management Crisis Cell where he met representatives of companies, warning them that the government plans to come down hard on anyone who is found to be taking part in, or helping, currency smuggling and money laundering.
The State Bank licenses currency traders but, he said, there is evidence that large amounts of US dollars are being smuggled out of Pakistan across the border into Afghanistan. His special investigation team has, he said, found worrying evidence that there is collusion between those who expatriate funds and some staff at the State Bank.
The situation is, he said, so bad that a dedicated team is being deployed at airports to find those who are carrying money out in their luggage: passengers and their bags and officials or those connected to them would be punished especially harshly.
The team is also making a special effort to identify and seize the assets of hawaladars.
Licensed money changers would need to make sure that any settlements are carried out through official channels.
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