Pakistan central bank tightens currency movement after in FATF grey-listing | Latest News India - Hindustan Times
close_game
close_game

Pakistan central bank tightens currency movement after in FATF grey-listing

Press Trust of India, Islamabad | ByPress Trust of India
Jul 08, 2018 07:21 PM IST

State Bank of Pakistan has repertedly issued detailed instructions to all exchange companies to bring the currency movements under strict monitoring of the central bank.

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.

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.(Reuters File Photo)
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.(Reuters File Photo)

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.

Hindustan Times - your fastest source for breaking news! Read now.

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.

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Lok Sabha Election 2024 LIVE along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, March 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On