Pakistan loses millions of dollars due to money laundering and illicit financial outflow, claims US State department report. Dr Moeed Pirzada had an extensive discussion with famous Businessman, Chairman of AKD Group Aqeel Karim Dhedhi, on the financial flaws and possible preventive measures to stop the illicit financial outflow.
The report further states that the Khanani group, “is responsible for laundering billions of dollars in organised crime proceeds annually. The Khanani MLO offers money laundering services to a diverse clientele, including Chinese, Colombian, and Mexican organised crime groups and individuals associated with designated terrorist organisations”.
AKD said that along with money changers, some of the private or investment banks are also involved in the money laundering. This is because of strict conditions and taxes through banking channel. Many investors banks or exchanges who take the money abroad by air with the permission of customs, also involve money laundering at some extent. Therefore banking channels should get reformed. Illegal remittances are more than 15 billion dollar or could be double, commonly known as ‘Hawala ro Hundi’.