‘PSW led integration to help curb trade-based money laundering’

ISLAMABAD: Pakistan Single Window (PSW) enabled integration with international freight and banking data would help curb trade-based cross-border illegal movement of money, country’s top finance official said on Monday.

“Countering financial crimes and trade-based money laundering is one of our key priorities and I am delighted to know that by integrating with international shipping and banking databases, PSW will eventually enable seamless collection and dissemination of information to Customs, the State Bank of Pakistan, and other relevant agencies for the prevention of such crimes and malpractices,” said Shaukat Tarin, Advisor to Prime Minister on Finance at the launch of PSW’s subscription and banking modules.

The launching ceremony was organised by PSW Company in collaboration with USAID. The PC-1 for PSW was approved in September 2020 and would be completed by June 2023.

Under PSW, 74 different government departments would be connected to ensure smooth and hassle-free trade including imports and exports as well as transit of goods.

The PSW enables parties involved in trade and transport to register standard information and documents with a single-entry point and thereby fulfill all import, export, and transit-related regulatory requirements.

Previously, traders were required to secure approval from a variety of government offices, duplicating efforts and paperwork, which led to increased costs and delays. Today’s announcement rolled out the Subscription and Customs Registration System, along with the Commercial Bank integration module, which are the first steps in helping reduce these costs and delays, and which will benefit consumers and businesses alike.

“The importance of external trade for the growth of any economy cannot be denied. Trade growth has a direct correlation with the growth in GDP of a country and achieving the objective of sustainable and inclusive economic growth for everyone in Pakistan,” he added.

This government, he said, came to power on the slogan of change and reform and improving the frameworks of transparency and accountability by leveraging technology for seamless, smart solutions for business and governance.

“We view PSW as a key tool and enabler for improving governance in all matters connected to cross-border trade and bringing about much-need regulatory and procedural reform in the country’s cross-border eco-system. By doing so, PSW will provide a comparative advantage to the Pakistani business and trading community to enter new markets and increase exports.”

He said the government was actively pursuing the agenda of making Pakistan a hub for regional trade and transit and realising the full potential of Pakistan’s geo-strategic and geo-economic location.

Tarin informed the audience a major milestone was achieved by operationalising the TIR agreement and dispatch of transit consignments to Uzbekistan and Turkey.

Aftab Haider, Chief Executive Officer PSW, formally welcomed the participants and shared a presentation on the scope and mandate of the organisation. “PSW will help transform the trade and significantly help in [improving] ease of doing business in Pakistan,” he added.

Haider said the integration of the banking module would allow users to conduct financial transactions in a seamless manner by eliminating SBP mandated Electronic Import Forms (EIF) and Electronic Form for Exports (EFE) forms. David Young, USAID Deputy Mission Director, said by making trade simpler, PSW would help unlock Pakistan’s economy.