Governor State Bank of Pakistan (SBP) Raza Baqir has said financial crime is a crucial problem for state bank and choking financing to terrorists is one among our top priorities
KARACHI (Pakistan Point News / Online - 14th December, 2019) Governor State Bank of Pakistan (SBP) Raza Baqir has said financial crime is a crucial problem for state bank and choking financing to terrorists is one among our top priorities.He said this while addressing second Financial Crime Summit (FCS) here Saturday.He went on to say SBP is continuing with reforms in financial sector. " We are heading towards improvement in exchange rate. The decision for making change in exchange rate was correct.
The new system of exchange rate has led to restore confidence among the people", he added."Softening the terms is linked to better situation. Documentary activities are being bolstered by eliminating unorganized activities. The mindset of those opposing the documentation of economy is changing.He held that the citizens have changed their foreign currency account to saving account. This led to benefit the economy. The national kitty was becoming empty owing to pressure on foreign exchange.
But today's situation is far better than before. Foreign exchange reserves of the country are witnessing upswing. People are inclining towards savings.Raza Baqir said curbing money laundering is very vital objective in economic reforms. Financial crimes is extremely important issue for SBP. Our country was affected by terrorism more than any other country. Choking funding to terrorists is our top most priority. This will benefit us more than any other country."We implemented FATF conditions and work is underway on 27 conditions of FATF. Laws have been enacted to curb trade base money laundering and terror financing. International institutions are also lauding Pakistan efforts, he underscored.