SBP devises strategy to discourage money laundering

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KARACHI: The State Bank of Pakistan (SBP) has chalked out a strategy to put a check on money laundering, Geo News reported Tuesday.


According to a SBP circular, in order to discourage money laundering a consumer will now be required to produce his/her National Tax Number (NTN) for verification before making a purchase of 10,000 dollars and above.


In case of purchase involving 25,000 dollars and more, the consumer will have to write a crossed-cheque to the exchange company concerned for making the payment.


Economic experts say that there had been a steep rise in the value of dollar against rupee over the past two months and suspect that a large sums of foreign exchange seemed to have been laundered to other countries during this period.


On the other hand there are reports of heavy investments in dollars in view of the steady gains in the green back’s value.

Courtesy:  The News

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