KARACHI (Daily Point) — The State Bank of Pakistan (SBP) faced scrutiny on Tuesday as it failed to persuade the Senate Standing Committee on Finance regarding an ongoing money laundering case amounting to Rs. 70 billion, allegedly concealed under the pretext of importing solar panels.
In this case, cash transactions totaling Rs. 300-400 billion have come under investigation, resulting in a mere Rs. 90 million fine imposed on the implicated banks. Central officials disclosed that action has been taken against 17 employees from various banks, acknowledging flaws in the banking system. Despite these measures, Senator Musadik Malik expressed dissatisfaction with the SBP briefing, deeming it vague. He proposed transferring the case to state agencies for further investigation.
The committee members extensively questioned the Deputy Governor, seeking detailed information on the Rs. 90 million penalty. Senator Malik contended that even a fine of Rs. 900 million would be insufficient for a case involving over 9,000 cash transactions. He emphasized the need for a thorough investigation, raising concerns about the potential adverse impact on legitimate importers due to over-invoicing practices.
In response to the committee’s inquiries, the Deputy Governor of the State Bank offered to provide a comprehensive report in a closed-door meeting. However, Senator Malik recommended involving the Federal Investigation Agency (FIA) in the investigation, highlighting the potential detrimental effects of the case on genuine importers.
As the Senate panel continues to seek clarity on the matter, the unresolved money laundering scandal underscores the challenges in addressing financial irregularities and emphasizes the importance of a robust investigation to ensure accountability.
