Islamabad: State bank has not yet been able to take any concrete steps regarding money laundering. Banks were only fined 90 million upon money laundering of 70 billion.
A meeting of the Senate Standing Committee on Finance was held under the chairmanship of Salim Mandviwala, in which the issue of money laundering of billions of rupees under the guise of solar panels was considered. The Deputy Governor State Bank told the committee that during trade between the two countries, both sides the responsibility is imposed on the banks. The banks do not have a unilateral solid procedure on this matter, on which the members of the committee said that they had little understanding. Today you will inform about your actions and policies. Deputy Governor State Bank has said that Banks report suspicious transactions to the concerned authorities.
The Standing Committee on Finance was not satisfied with the State Bank’s briefing on the issue of money laundering, State Bank officials told the committee that a penalty of Rs 90 million has been imposed on banks for money laundering of Rs 70 billion. Banks have played their part in specific transactions, more than 9 thousand CTRs have been filed in FMU, 40 STRs have also been filed, action has been taken against 17 employees involved.
The members of the committee expressed disbelief on the briefing of the State Bank officials on the issue of solar panel money laundering. Mohsen Aziz said that something is missing, if they want, they can hold the meeting in camera. It seems that there are quite powerful people involved in money laundering. who are not being named, Mossadeq Malik said that the matter should be handed over to FIA for investigation on money laundering of solar panels, on which Chairman FBR said that over-invoicing occurs where there is no regulatory duty. The Standing Committee on Finance decided to hold the next in-camera meeting on money laundering in solar panel import and directed the State Bank to tell in the next in-camera meeting who was involved in money laundering
