PM reiterates commitment to clamping down on money laundering

Published February 25, 2019
Prime Minister Imran Khan brands money laundering an evil practice that has caused an irreparable loss to country's economy. — Radio Pakistan
Prime Minister Imran Khan brands money laundering an evil practice that has caused an irreparable loss to country's economy. — Radio Pakistan

Prime Minister Imran Khan on Monday ordered that financial monitoring units be activated across the country as he reiterated his commitment to clamping down on elements involved in money laundering, Radio Pakistan reported.

The prime minister, as per the radio broadcast network, issued the directives during a meeting in Islamabad to review the progress of measures taken to cut the illegal flow of money out of Pakistan.

The premier, who had last week said that he wants money laundering to become "an expensive risk", today said that "elements involved in money laundering do not deserve any concession and their reality should be exposed before the nation."

Prime Minister Khan branded money laundering an evil practice that has caused an irreparable loss to the country's economy.

The prime minister also received a briefing during the meeting. He was informed that fines to the tune of Rs247 million have been imposed on various banks for over fake accounts, whereas 109 officers are being investigated.

Furthermore, the prime minister was told that memoranda of understandings (MoUs) have been penned with UK, Australia, UAE and Qatar to enhance the process of financial intelligence sharing.

Last week, the prime minister had instructed his cabinet to "double up" their efforts to curb money laundering, and made it clear that those indulging in the practice are "the nation's enemies and do not deserve any leniency".

He had condemned the practice, saying: "by embezzling public funds and moving them abroad to amass personal fortunes, not only did the country encounter a severe financial crisis [due to the actions of these individuals], but the nation was thrust in a quagmire of loans."

Opinion

Editorial

Geopolitical games
Updated 18 Dec, 2024

Geopolitical games

While Assad may be gone — and not many are mourning the end of his brutal rule — Syria’s future does not look promising.
Polio’s toll
18 Dec, 2024

Polio’s toll

MONDAY’s attacks on polio workers in Karak and Bannu that martyred Constable Irfanullah and wounded two ...
Development expenditure
18 Dec, 2024

Development expenditure

PAKISTAN’S infrastructure development woes are wide and deep. The country must annually spend at least 10pc of its...
Risky slope
Updated 17 Dec, 2024

Risky slope

Inflation likely to see an upward trajectory once high base effect tapers off.
Digital ID bill
Updated 17 Dec, 2024

Digital ID bill

Without privacy safeguards, a centralised digital ID system could be misused for surveillance.
Dangerous revisionism
Updated 17 Dec, 2024

Dangerous revisionism

When hatemongers call for digging up every mosque to see what lies beneath, there is a darker agenda driving matters.