SBP, FIA mull joint strategy to fight all white collar crimes

KARACHI: The central bank governor has hosted Saturday the federal investigation agency director-general and banks’ presidents to chart out strategies and strengthen coordination against money laundering, digital frauds, and cyber-attacks, ARY News reported.

Governor State Bank of Pakistan Dr. Reza Baqir chaired a meeting today with Director General FIA Sanaullah Abbasi, and commercial bank heads, to go over ways by which efforts to fight monetary crimes can be strengthened. The coordination was mulled among the SBP, banks and Federal Investigation Agency (FIA).

According to the statement by SBP, Baqir stressed the need for close cooperation amongst banks, SBP, and FIA so “that the white-collar crimes can speedily be probed and duly prosecuted.

“SBP has taken several measures in recent past to strengthen its work on Anti-money Laundering (AML) as well as taken regulatory and supervisory measures to improve banks controls to prevent digital and social engineering frauds,” said SBP statement.

FIA has offered support in strengthening cyber security at banks and suggested banks to carry out Information Security (IS) audit of their systems, said the post-meeting statement.

Experts skeptical on ‘massive’ hike in interest rates

Separately yesterday from the central bank, after a huge jump in policy rates by the Monetary Policy Committee that raised 150 basis points to now 8.75 per cent, as a measure to offset the inflationary effects in the economy, the financial experts and economists shared their reservations and skepticism.