The Federal Investigation Agency (FIA) and various intelligence agencieshave finalized their preparations for a major operation against thehoarding of US dollars. This initiative comes just a day after thegovernment granted the anti-crime agency the authority to implementmeasures aimed at curbing the smuggling of the greenback.
Insiders revealed that the FIA, intelligence agencies, and the State Bankof Pakistan (SBP) have significantly expanded their investigative efforts,compiling lists of companies and individuals suspected of engaging in USdollar hoarding. These sources went on to disclose that regulators haveprocured two years’ worth of data from exchange companies and have compiledlists of individuals who appear to have acquired an unusually high volumeof US dollars.
Furthermore, the FIA and intelligence agencies have commenced the processof collecting detailed information, including asset ownership, from variousbanks. The regulators were reportedly informed that a substantial quantityof US dollars is stored in bank lockers. These sources also indicated thatadvanced technology will be employed by the anti-crime agency to scan banklockers in order to recover hoarded US dollars.
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The preceding day, the caretaker government had empowered the FIA to wieldits authority in controlling the smuggling of not only US dollars but alsosugar, Urea, and petroleum products within the country. According to theofficial notification, the government had conferred upon the anti-crimeagency the necessary powers to address the ongoing issue of smuggling. Thisgrant of authority allows the FIA to take action at all entry and exitpoints related to foreign currencies. Additionally, FIA zonal directorshave received instructions to provide daily reports to the agency’sheadquarters through appropriate channels
