DG FIA urges regulation on cryptocurrency transactions in Pakistan

KARACHI: Following the rise in cryptocurrency transactions, Director General of the Federal Investigation Agency (FIA) on Monday emphasizing the need for a clear policy to regulate digital trading in Pakistan, ARY News reported.

DG FIA, Ahmad Ishaq Jahangir, held an important meeting with the Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, during his visit to the central bank in Karachi.

The meeting focused on the increasing concerns related to cryptocurrency transactions and illegal money transfers.

Discussions also covered strategies for preventing financial crimes and the importance of State Bank’s collaboration in this effort.

The DG highlighted that access to vital information from the SBP could significantly aid in curbing financial crimes.

One of the key outcomes of the meeting was the consideration of appointing a focal person from the SBP. This individual would assist in facilitating swift action against currency exchange companies involved in illegal activities.

Additionally, the meeting included a proposal to establish a common Standard Operating Procedure (SOP) for handling accounts containing seized money, ensuring uniformity and transparency in such cases.

DG FIA also held a meeting with IG Sindh, Ghulam Nabi memon, where the additional Director General South Mujahid Akbar and Director Karachi Zone Noman Siddiqui were also present.

During the meeting mutual issues were discussed along with a detailed discussion on joint cooperation between Interpol and the arrest of the accused fleeing abroad.

The DG FIA has assured the Sindh Police of all kinds of cooperation for the arrest of the wanted accused who fled abroad.

Ahmad Ishaq Jahangir also conducted a detailed visit to the Karachi Zone, including Karachi Airport, where he chaired a high-level meeting.

The meeting was attended by Additional Director General South Mujahid Akbar, Director Karachi Zone Noman Siddiqui, Director Abdul Salam Sheikh, Circle Incharges, and other officers.

A comprehensive performance report of the Karachi Zone was presented to the DG FIA, highlighting progress on operations against counterfeit drugs and human traffickers.

Expressing satisfaction with the Karachi Zone’s performance, DG FIA issued instructions to expedite operations against human trafficking, corruption, money laundering, and the manufacturing of prohibited drugs.

He emphasized the need for special squads to arrest the accused and directed that pending inquiries and investigations be completed promptly, ensuring merit in all cases.

During his visit to Karachi Airport, DG FIA praised the feedback application system installed for passengers, stressing that the best immigration services should be a top priority.

He instructed that strict action be taken against any officer found negligent or in the event of a complaint.

The DG FIA also called for monthly meetings to evaluate the performance of officers and improve services based on passenger feedback.