Unlicensed money changers start to vanish after AML bill

Nain

MPA (400+ posts)
Unlicensed money changers vanish after AML bill

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

Source
 

stoic

Minister (2k+ posts)
Unlicensed money changers vanish after AML bill

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

Source
No wonder their lobbyists in the parliament were against this bill
 

Citizen X

President (40k+ posts)
Unlicensed money changers vanish after AML bill

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

Source
Excellent news, people don't realize how legalizing things eventually benefit everyone, and then these corrupt thieves also make a huge stink about it further confusing the public.
 

Caballero

Senator (1k+ posts)
Court issues bailable warrants for Aqeel Karim Dhedhi

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miafridi

Prime Minister (20k+ posts)
Unlicensed money changers vanish after AML bill

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

Source

Corrupt opposition didn't support such laws because majority of them are beneficiaries of such illegal practices.
 

thinking

Prime Minister (20k+ posts)
This is true..all unlicensed money exchangers owners closed Thiers business and going underground for time being.. This AML laws will immediately come in force the moment President singn this bill.. These illegal money changers have to start a new business..