Tuesday, November 30, 2010

http://www.dailytimes.com.pk/default.asp?page=2010%5C11%5C30%5Cstory_30-11-2010_pg7_16

KARACHI: Pakistan is reaching to international organisations to eradicate money laundering from the country, Federal Investigation Agency Director General Wasim Ahmed said on Monday.

He, however, acknowledged that untiring efforts against money laundering could not eliminate the menace completely as it had become an international phenomenon for which foreign bodies had also been approached. “The FIA has also established contacts with the UN to take effective measures against money laundering in the country,” Ahmed told reporters during a visit to the Karachi Stock Exchange. He said operations against money laundering had been effective as some big fish had also been arrested and they were still under custody because the evidence collected against them barred them from securing bails from courts.

Ahmed revealed the FIA had also started investigations against the businessmen who had invested in Dubai’s market by borrowing from Pakistani banks. However, he assured that genuine investors would not be harassed in this connection.

Ahmed said that investigations against money laundering had also been extended to the KSE members, however, to prevent any harassment to members of the exchange, KSE Managing Director Haroon Askari had been appointed the focal person.

He contended that keeping a check on money laundering was important because the flow of money through illegal channels was often used in financing terrorism. Speaking about the FIA’ anti-corruption drive, Ahmed said that it was successfully going on and so far over 32 senior official between Grade 17-22, allegedly involved in corruption, had has been arrested.