KARACHI: To stop Terror finance and avoid being placed on the FinancialAction Task Force (FATF) ’grey list’, State Bank of Pakistan is seekingassistance from security officials to keep an eye on the dubious inlandmovement of foreign currencies.
The central bank in letters addressed and sent to the Federal Board ofRevenue (FBR), Federal Investigation Agency (FIA) and other border agenciesasked them to take required action in the spirit of the law to lookout oninland movement of cash foreign currencies in immensity by uncertifiedindividuals or entities, reported *The News.*
A source in SBP stated it could be safely deduced that these types oftransactions were meant for terrorist financing or smuggling.
He added, “An immediate action is important in the wake of ongoing mutualevaluation by APG (Asia Pacific Group on Money Laundering) and FATF.”
The sources disclosed the central bank had deemed foreign currenciessmuggling as a challenge.