Customs sets up new directorate to curb currency smuggling

ISLAMABAD: In a bid to tighten noose around currency smugglers, Pakistan Customs has set up a separate directorate of Cross-border Currency Movement, ARY News reported on Saturday,

Sources said that the new directorate was authorized to keep record of suspicious bank transactions, confiscated currency and to share information with the security forces.

The directorate was given special powers to probe suspicious bank transactions under anti-money laundering law, said the sources.

According to a report, the initial investigations of currency smuggling would be carried out as terror financing while the probe officer would be authorized to conduct comprehensive inquiry into a case which would be assigned to him.

Pakistan had inked accords with 20 countries to stop money laundering/ currency smuggling.

Earlier on April 29, Customs officials had foiled a bid to smuggle foreign currency worth millions of rupees from Peshawar Bacha Khan Airport.

Customs officials had recovered 110,000 Saudi Arabian Riyal and 20,000 United Arab Emirates Dirham from two passengers. They had arrested both the passengers. Airport sources had said they were smuggling the foreign currency to Dubai.