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‘Unlicensed money changers vanish after AML bill’

Kabira

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KARACHI: With the passage of anti-money laundering bill unlicensed money changers disappeared from the markets which increased the counter selling of US dollars by 30 to 40 per cent, currency dealers said on Saturday.


They said that since the move started for the passage of the bills against the money laundering, the illegal currencies traders went underground. The currency dealers said the passage of FATF bills from Senate and National Assembly on September 16 suggests punishment for money laundering including smuggling and illegal trading of currencies up to 10 years.

Thousands of unlicensed money changers are operating across the country and helping in the illegal transfer of foreign currencies from the country.

“During the last two days the dollars selling at the counters reached around $6 to $7 million per day which usually is on average about $4 million per day,” said Malik Bostan, President Forex Association of Pakistan.

40pc jump in kerb selling of dollars, claim dealers
He said fear is high among the unlicensed money changers which increased liquidity in the open market. He said an unlicensed money changer has been punished by a court in Peshawar indicating that the government is willing to eradicate the menace of currency smuggling and illegal trading in the country.

“The Anti Money Laundering legislation will stop smuggling of currencies, ban illegal trading, increase dollars and other currencies in open markets and banks while it will also bring stability in the exchange rate,” said Jamal Ibrahim, a currency dealer in Karachi.

Former general secretary of Exchange Companies Association of Pakistan Zafar Paracha said the legislation will “definitely bring change in the currency market.”

“There is clear threat for the illegal trading and smuggling of the currencies in Pakistan and I believe the government would not tolerate this illegal business which has put Pakistan in grey list,” said Mr Paracha.

He said the passage of legislative amendments could help the country exit the grey list and establish a stable exchange rate market based on true valuation of currencies.

He said the country could expect higher remittances with the passage of legislative amendments “since the foreign exchange will come only through legal channels while it could also help reduce the difference between dollar rates in the open and inter-bank market.”

Published in Dawn, September 20th, 2020
 

Patriot forever

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KARACHI: With the passage of anti-money laundering bill unlicensed money changers disappeared from the markets which increased the counter selling of US dollars by 30 to 40 per cent, currency dealers said on Saturday.

They said that since the move started for the passage of the bills against the money laundering, the illegal currencies traders went underground. The currency dealers said the passage of FATF bills from Senate and National Assembly on September 16 suggests punishment for money laundering including smuggling and illegal trading of currencies up to 10 years.

Thousands of unlicensed money changers are operating across the country and helping in the illegal transfer of foreign currencies from the country.

“During the last two days the dollars selling at the counters reached around $6 to $7 million per day which usually is on average about $4 million per day,” said Malik Bostan, President Forex Association of Pakistan.


He said fear is high among the unlicensed money changers which increased liquidity in the open market. He said an unlicensed money changer has been punished by a court in Peshawar indicating that the government is willing to eradicate the menace of currency smuggling and illegal trading in the country.

“The Anti Money Laundering legislation will stop smuggling of currencies, ban illegal trading, increase dollars and other currencies in open markets and banks while it will also bring stability in the exchange rate,” said Jamal Ibrahim, a currency dealer in Karachi.

Former general secretary of Exchange Companies Association of Pakistan Zafar Paracha said the legislation will “definitely bring change in the currency market.”

“There is clear threat for the illegal trading and smuggling of the currencies in Pakistan and I believe the government would not tolerate this illegal business which has put Pakistan in grey list,” said Mr Paracha.

He said the passage of legislative amendments could help the country exit the grey list and establish a stable exchange rate market based on true valuation of currencies.

He said the country could expect higher remittances with the passage of legislative amendments “since the foreign exchange will come only through legal channels while it could also help reduce the difference between dollar rates in the open and inter-bank market.”

Published in Dawn, September 20th, 2020
A big positive for Pakistan. Now people will realize why opposition was against the bill and who were the real beneficiaries.
And yes this will also help in disrupting the financial flow of foreign sponsored terrorism in Pakistan.
 
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Pakistan Ka Beta

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KARACHI: With the passage of anti-money laundering bill unlicensed money changers disappeared from the markets which increased the counter selling of US dollars by 30 to 40 per cent, currency dealers said on Saturday.

They said that since the move started for the passage of the bills against the money laundering, the illegal currencies traders went underground. The currency dealers said the passage of FATF bills from Senate and National Assembly on September 16 suggests punishment for money laundering including smuggling and illegal trading of currencies up to 10 years.

Thousands of unlicensed money changers are operating across the country and helping in the illegal transfer of foreign currencies from the country.

“During the last two days the dollars selling at the counters reached around $6 to $7 million per day which usually is on average about $4 million per day,” said Malik Bostan, President Forex Association of Pakistan.


He said fear is high among the unlicensed money changers which increased liquidity in the open market. He said an unlicensed money changer has been punished by a court in Peshawar indicating that the government is willing to eradicate the menace of currency smuggling and illegal trading in the country.

“The Anti Money Laundering legislation will stop smuggling of currencies, ban illegal trading, increase dollars and other currencies in open markets and banks while it will also bring stability in the exchange rate,” said Jamal Ibrahim, a currency dealer in Karachi.

Former general secretary of Exchange Companies Association of Pakistan Zafar Paracha said the legislation will “definitely bring change in the currency market.”

“There is clear threat for the illegal trading and smuggling of the currencies in Pakistan and I believe the government would not tolerate this illegal business which has put Pakistan in grey list,” said Mr Paracha.

He said the passage of legislative amendments could help the country exit the grey list and establish a stable exchange rate market based on true valuation of currencies.

He said the country could expect higher remittances with the passage of legislative amendments “since the foreign exchange will come only through legal channels while it could also help reduce the difference between dollar rates in the open and inter-bank market.”

Published in Dawn, September 20th, 2020
Thanks to ALLAH ( GOD ) .
 

Sheikh Rauf

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Finally its happening everyone who have illegal money going to cry against gov. most of money exchangers are in arab countries are indian so remittnace goes to india before transfer to Pakistan. we sud work on this one too.
 

Enigma SIG

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People around Model Town Lahore must remember the "Western Union" money exchanger near Honda Mor. It was inaugurated with much fanfare and was owned by none other than PML-N. I recall the many SUV's they brought to the inauguration. They've now closed down due to the reason that it was just a money laundering vehicle and dollar manipulation scandal that is now under threat by IK's legislation for FATF.
 

Patriot forever

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People around Model Town Lahore must remember the "Western Union" money exchanger near Honda Mor. It was inaugurated with much fanfare and was owned by none other than PML-N. I recall the many SUV's they brought to the inauguration. They've now closed down due to the reason that it was just a money laundering vehicle and dollar manipulation scandal that is now under threat by IK's legislation for FATF.
It is very evident that 'Interests of Pakistan do not align with the interests of PLMN/PPP'. These political unlicenced outlets are a major source of Foreign currency for Opposition, then smuggled via Ayan Ali's, yatches, PIA.
 

Samlee

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Some $15 to $20 Billion Come To Pakistan Come Via Hundi Hawala Once This Is Eliminated Our External Position Will Strenghthen A Lot
 

Patriot forever

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Some $15 to $20 Billion Come To Pakistan Come Via Hundi Hawala Once This Is Eliminated Our External Position Will Strenghthen A Lot
We are already reaping the benefits in terms of sustained increase in remittances. These laws will go a long way in stabilizing Pakistan Economy.
 

AsifIjaz

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Hopefully, over time, and with a few crackdowns in 5 - 6 cities this will also decrease the pressure on US dollar and help stabilize the exchange rate.
 

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