Pak’s central bank tightens currency movement

Pak’s central bank tightens currency movement
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ISLAMABAD: Pakistan’s central bank has decided to tighten the movement of foreign and local currency to combat money laundering after the country was placed on the grey list by the Financial Action Task Force for failing to curb anti-terror financing, according to a media report.
Pakistan was placed on the grey list by the global body during its plenary session in Paris last month despite Islamabad submitting a 26-point action plan and launching a concerted diplomatic effort to avert the decision.
Radio Pakistan reported that the State Bank of Pakistan (SBP) issued detailed instructions to all exchange companies to bring the currency movements under strict monitoring of the central bank.
In order to further strengthen the regulatory anti-money laundering requirements for documentation and record keeping, it has been decided that while carrying out transactions requiring movement of Pakistani rupee and foreign currency within company’s authorised network, each outlet of Exchange Companies will be allocated working capital keeping in view the business needs by the head office of the respective exchange company, the report said.
The movement of rupee within a city and foreign currency across Pakistan will be carried out by the authorised individuals, who have been registered with and authorised by the respective franchiser.
The exchange companies will develop and implement Standard Operating Procedures duly approved by their Board of Directors, according to Radio Pakistan.

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