Devastating effects of money laundering on economy are hard to count
Lahore (Pakistan Point News / Online - 18th May, 2019) Devastating effects of money laundering on economy are hard to count. It damages not only the financial institutions directly but also country's productive activities in various sectors of economy. Measures are needed but these should not be harmful for the honest businessmen.This was the crux of speeches delivered at a well-attended awareness session on "Money Laundering" jointly organized by the LCCI and Federal Investigation Agency (FIA) here at the Lahore Chamber of Commerce & Industry on Friday.
Additional Director General FIA Basharat Mahmood Shahzad, LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir, Vice President Faheem-ur-Rehman Saigal, former Senior Vice Presidents Khawaja Khawar Rasheed, Amjad Ali Jawa, former Vice President Kashif Anwar and Executive Committee Members spoke on the occasion.Basharat Mahmood Shahzad said that money laundering is a process through which criminal conceal the origin of money earned through illegal means and make it appear as legitimate by performing a number of complex transactions. He said that money laundering is conducted to conceal illegal activities, quick disposal of cash in bulk, to conceal illegal resource of income, to make it look legal, to conceal ownership and to use it for pleasure/extension of network.
