Money laundering abroad, heavy fines for breaking the law
According to the Financial Monitoring Unit on the issue of money laundering, a fine of around Rs 60 million has been imposed so far for violating the law. Accounts are also being investigated for disregarding relevant terms in transactions.
According to the Financial Monitoring Unit, disciplinary action has also been initiated against bank officers for violating regulatory rules.
According to sources, money transfer without payment and proper documentation of import and export has been declared illegal. Advance or full and final payment documents must be submitted while payments made to unregistered, ad hoc or seasonal business menus have become a crime.
Import documentation has been banned through other systems instead of Custom VBooks. Payments can only be made to customs and business companies from your bank account. There are also conditions for soliciting money from friends or relatives abroad. The case will be transferred from SBP to FIA if the amount is exceeded.
Online traders receiving foreign payments will have to submit foreign orders, courier delivery receipts and documents of foreign payments received. Overseas Pakistanis will have to send remittances to their personal account in Pakistan. Records of remittances to a joint family account or a family person’s account must be disclosed in the tax return and wealth statement.
