Laws made to curb money laundering, terror financing: Dr Reza Baqir

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir said on Saturday that Pakistan has made laws to curb money laundering and terror financing.

The SBP governor stated that Pakistan is taking strict measures to curb money laundering. It is the need of hour to take tough decisions. “I am saying this in the presence of multiple bank presidents that money laundering in the name of trade is now difficult as it is being closely monitored. Terrorist financing is also no longer acceptable,” he said.

Reza Baqir said Pakistan was badly affected due to terrorism and added that Islamabad working to fulfill requirement of the Financial Action Task Force (FATF), which are in favour of Pakistan.

He said that Pakistan’s economy is moving towards stability.

While addressing the Annual Financial Crime Summit in Karachi, he said that Pakistan would soften its terms and conditions as economy improves. He stated that it was a right decision to change the exchange rate.

The citizens changed their foreign currency accounts to saving accounts, which benefited the economy. “We also tightened our policy related to anti-money laundering and terror financing. Since we are a nation highly affected by terrorism, we have to keep an eye on these matters,” he said.

Dr Reza Baqir further stated that due to the steps taken by government, the investors gained confidence in Pakistan. He added that the country’s foreign exchange reserves are on the rise.

“The condition of our economy has improved immensely. Due to Pakistan’s ease of doing business policies, more companies are looking forward to invest here. Even the international monetary institutions are praising Pakistan’s performance,” he said.

Reza Baqir said that the country’s foreign reserves are increasing and today’s situation is far better as compared to the past. He said people are now taking interest in saving. Masses have changed their currency accounts into savings, he continued.

The SBP governor said the economic situation of the country is improving with every passing day, the decision to change exchange rate now paying fruits.