Umar asks exchange companies to help in controlling illegal money transfers

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ISLAMABAD: Finance Minister Asad Umar has asked exchange companies to help in controlling illegal transfers such as Hundi and Hawala in order to ensure remittance of foreign exchange through legal channels.

The finance minister said on Tuesday in a meeting with a delegation of All Pakistan Exchange Association, led by Allauddin.
The finance minister thanked the delegation for its valuable suggestions and assured them of his full cooperation in solving their genuine issues.
He said that this service sector could also help in controlling Hundi and Hawala thereby ensuring remittance of foreign exchange through legal channels. The delegation also shared with the Minister that their association has donated 20 million in the Dam Fund on the Fund Raising call from the Prime Minister.
The Finance Minister appreciated and thanked the delegation for their contribution.
The delegation apprised the minister of the services being offered by its members to the Pakistanis. The delegation also shared with the Minister the issues they had been facing due to smuggling of foreign exchange through various means. The members of the delegation also informed the Minister regarding the Regulatory requirements that were hindering the growth of this important sector.
The delegation also shared their proposals for stopping the illegal export of US dollars from different channels and suggested measures to control under invoicing of imports.