The Federal Investigation Agency (FIA) is investigating some cases of money laundering through foreign portfolio investment at the country's equity market. Director General FIA, Waseem Ahmed while talking to media after his visit to Karachi Stock Exchange and meeting KSE members here on Monday that he is visiting all the stock exchanges and chambers to take into confidence the business community on this issue.
"We don not want to create an impression of any harassment among the business community as these cases are against a few culprits involved in the illegal activities," he said. He said the issue of money laundering cases was discussed during the meeting with KSE members who expressed their concern over the mechanism of the investigation. Keeping in mind the KSE members' concerns, it has been decided that the acting Managing Director of KSE Haroon Askari would be the focal person from the stock exchange during the investigation process, the DG, FIA said.
He pointed out that following the FIA drive against money laundering, flow of foreign remittances has increased significantly as the monthly figure of these inflows has touched $1 billion mark from $700 million some months back. He said the country's foreign exchange reserves have also increased due to inflows through legal channels.
He said the FIA is in contact with the anti-money laundering agencies of other countries also. "During the recent Interpol Conference at Doha, we had discussed this issue with different foreign agencies," he added. He said Pakistan being the frontline state against war on terror is very cautious and has taken concrete steps to control money laundering.
He said the quantum of inflows through illegal channels has been reduced. "We do not claim that the money laundering has been stopped, however the quantum has been reduced substantially," he said. He said the FIA has launched its drive against corruption in the country and so far 32 cases have been registered against government officials.
He made it clear that the drive against corruption has been started only against big fish. He pointed out that the said 32 cases have been registered against the officers of grade 17 to 21. He said more cases are expected to be registered as 210 inquiries are still pending with regard to corruption cases against government officials. Earlier, the DG FIA held a meeting with KSE members where the issue of money laundering cases was discussed in detail.