*ISLAMABAD - The government is likely to impose strict punishment and fine for money launderers.*
*Stricter rules for people involved in money laundering and the hundi and hawala business are being implemented.*
*The steps are planned after the ongoing consultation meetings with the Financial Action Task Force (FATF) delegation.*
Sources say the government may extend the imprisonment period, currently three years, to 10 years for businesspeople or individuals involved in money laundering. Among other proposals, the government is also considering increasing the penalty to Rs50 million, which is 10 times the present level.
The property of money launderers and hawala and hundi handlers might also be confiscated for six months and no bail will be granted to those involved in such cases.