Customs officials informed the Senate Standing Committee on Finance and Revenue on Wednesday that inspection teams had discovered Rs 69.5 billion in money-laundering that had been committed by 63 people during the previous five years. Zeba Hai, a member of Customs, informed the committee at a meeting presided over by Senator Saleem Mandviwala that nearly seven accused persons associated with the import of solar equipment were among those who smuggled billions of rupees to various nations. Two accused had deposited Rs 26 billion in cash for the import of solar panels, according to information provided to the Senate group that was discussing various allegations on the major money-laundering by solar panel/equipment importers. According to the customs officer, six suspects have had First Information Reports (FIRs) filed against them for allegedly participating in money laundering that damaged the national exchequer.
She emphasised that 59 percent of imports took place through green channels, with the majority of the shift being completed by the Federal Board of Revenue’s (FBR) Post Clear Audit division. Inayat Hussain, Deputy Governor of the State Bank of Pakistan (SBP), stated that the funds of depositors have legal protection worth Rs. 500,000 while providing information on the Deposits Protection Corporation (DPC). Previously, it had a ceiling of Rs. 250,000, which fully protected 94% of depositors under the SBP subsidiary Deposits Protection Corporation (DPC). To ensure that the deposits in these banks are covered by the deposit protection system, he claimed that all scheduled banks operating in the country were needed to be members of DPC.
SBP officials said that a focus person had been selected in each bank to assist the Politically Exposed Persons (PEP) in their account opening processes while briefing on the account opening difficulty encountered by the PEP. Additionally, the SBP designated a focal point within the SBP to address inquiries regarding account opening, adding that the SBP also gave banks instructions to expedite this process. According to Senator Kamil Ali Agha, the PEP had issues opening their accounts, which is a breach of Article 10 of the Constitution and fundamental human rights. Action should be taken, he urged, against these officers and anyone else who prevents the establishment of accounts.
