LAHORE: The Federal Investigation Agency (FIA) on Thursday arrested a suspect for doing illegal money transaction (hundi/hawala) business in Lahore.
According to the details an FIA corporate crime circle team, on a tipoff, conducted raid at the office of Ramzan Sewing Machine Traders and took a suspect, Muzamil Shahzad, into custody.
FIA officials said that a big amount of national and international currency was recovered from the suspect
It is pertinent to mention here that Financial Action Task Force (FATF), in August, gave Pakistan 15 months to comply with its requirements, with the deadline set to expire in September 2019. At least 27 deficiencies were identified by the FATF pertaining to currency smuggling, hawala, and ‘terror’ financing of proscribed outfits. A National Action Committee was accordingly formed to deal with the issue.
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