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