The Federal Investigation Agency is investigating 100 people suspected tobe involved in hoarding or smuggling over $63 million to Afghanistan duringthe last 45 days, a national dailylink reported.
According to the report, the Federal Investigation Agency (FIA) Lahoreserved notices to nearly 100 individuals, “asking them to appear before itfrom October 15 for their alleged involvement in buying US dollars in astructured manner keeping each transaction either below $35,000 or $50,000to evade statutory due diligence protocols, which is leading todollar-hoarding, money laundering, and illegal outward flight andsmuggling”.
Following reports of dollar smuggling and hoarding, the Director of the FIALahore, Mohammad Rizwan, started the investigation and collected data fromexchange companies in the city. The agency will ask the suspects why theyhad bought such a large sum of money totaling $63 million in the previous45 days.
“It is suspected they have bought US dollars either to hoard or smuggle toAfghanistan,” the official said, and added that “action will be takenagainst those involved in money laundering and hoarding of US dollars,”after the investigation. Additionally, the buyers had collaborated withexchange companies to avoid regulatory scrutiny.
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He explained, “Under the law, if an individual buys $35,000 (from anexchange company) the transaction has to be reported to State Bank ofPakistan (SBP) and made through a cheque. In case of purchase of over$50,000, the buyer has to seek permission from the SBP.”
