December 30, 2016
Pakistan’s top agency, responsible for curbing financial crimes, witnessed lowest ever conviction rate (six percent) in cases of money laundering and ‘hawala and hundi’ in past three years, an alarming sign which could lead the country to face ‘financial penalties’ from international organisations in coming years—2017-18.
As conviction rate dips to 7%, the Federal Investigation Agency (FIA) struggles to meet standards set by international organisations, the Financial Action Task Force (FATF) in particular, an international body working under UN umbrella for curbing money laundering and terror financing.