Exchange Companies Association of Pakistan (ECAP) has assured full support to the State Bank of Pakistan (SBP) for curbing the money laundering and terrorist financing. In a meeting with Syed Irfan Ali director SBP on Monday, ECAP has also showed its commitment to implement the fresh SBP's directives for the movement of currency.
During the meeting, exchange companies urged SBP to allow intercity movement of Pak Rupees through company's transportation for one month as several companies do not have bank accounts in all cities. However, SBP officials asked exchange companies for a written request and ensure that SBP will help in opening of bank account in different cities.
Zafar Paracha General Secretary ECAP praised the efforts of SBP for his efforts and support to ECAP and his commitment towards compliant business, which will ultimately contribute to the betterment of economy and country.
He said that licensed exchange companies have always followed SBP guidelines and now it's the moral obligation of agencies and law enforcement agencies to ensure illegal money changers don't take advantage of this situation.
ECAP has strongly conveyed its concern that banks are not opening bank accounts of exchange companies or their franchises. Some banks are also providing cash very late because of which the business of exchange companies is suffering.
As Pakistan is already on FATF monitoring, there is need to take immediate and strict action against the illegal channels, he said and added "ECAP members always follows the SBP guidelines which arises from time to time but there is no restrictions for illegal money changers and hawala persons, who exploit the market and plays with the sentiments of general public.
Paracha said that Pakistan needs a cautious approach from general public to deal only with licensed exchange companies and get receipt of each transaction instead of dealing with road side unauthorized & mobile currency dealers who exchange currency without authorized official receipt, subsequently may lead you to terrorist financing and put you in a difficult situation, this is in their best interest and country's documented economy.
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