Currency smuggling

Currency smuggling

A news report in leading Urdu daily states that depreciation of local currency at the unprecedented pace has given impetus to smuggling of foreign currency at Torkham on Pak Afghan border which include the US dollars, EU Euro, the UK Pound Sterling , Saudi Riyal, UAE Dirham and Kuwaiti Dinar.

There is a perception that local government officials of district administration are hand-in-glove with currency smugglers. In addition money transfer through fake bank accounts, foreign currency smuggling is one of the major modes of money laundering.

Effectively curbing currency smuggling is one of the important points in the Financial Action Task Force 27 point action plan for the implementation of which the government of Pakistan has given firm assurance.

The drug lords are the major beneficiaries of the unbridled currency smuggling. It is very disturbing that this illicit activity is going on unchecked at important border opening of Torkham. Both the federal and provincial government should take notice of it and put in place mechanism for stopping currency smuggling through Pak-Afghan border.

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