SBP, FIA and FBR need Reforms to Prevent Money Laundering

Sidra Anwar

Islamabad: Reforms are needed in Supreme Bank of Pakistan (SBP), Federal Board of Revenue (FBR) and Federal Investigative Agency (FIA).

As per the ministry these reforms are compulsory in order to stop money laundering.

During a session, finance ministry of Pakistan told about these reforms to the Minister, Asad Umar.

Regarding Federal Board of Revenue, a complaint was received to the Minister. According to the complaint FBR doesn’t send the detected money laundering cases to the FIA.

It causes a lot of misconducts and mismanagement. Money laundering can’t be prevented due to these misconducts. Asad Umar took notice on this issue directed the concerned departments regarding this matter. Government is already active about these money laundering cases and running “stop money laundering” campaign.

Ministry officials told Asad Umar about the criteria of selecting banks’ presidents. They told that there is no transparency while selecting the presidents.

This designation is taken by the wrong persons who don’t have clean records. They then make the system faulty and such money laundering cases happen.

According to an information private banks sent records over a thousand suspicious bank transactions to the State Bank.

It also came to knowledge that transactions worth of 218 Billion were detected from 284 fake accounts. Proper on-time actions are needed to cope with such a situation. Strict actions should be taken against such cases.

According to the reports it came to knowledge that the finance ministry official told the Minister about the cases related to Omni-Group. It was told that Omni-Group is involved in money laundering of about Rs. 94 Billion. These transaction happened from 235 different bank accounts.

It came to knowledge by the monitoring complaint units that there is lack of cooperation within the institutes. Due to this they can’t perform their duties well.

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