ISLAMABAD, May 24: The government has given final touches to an anti-money laundering law and submitted it to the cabinet. The State Bank of Pakistan has set up a unit to monitor foreign remittances to Pakistan.

This was stated by Dr Salman Shah, Adviser to the Prime Minister on Finance, here in the Ministry of Finance while talking to a three-member Swiss delegation led by Prof. Dr. Mark Pieth, Chairman of Swiss Basel Institute on Governance, which called on him on Tuesday.

They discussed ways to curb the menace of money laundering.

The Swiss delegation is currently on a fact-finding mission to Pakistan to formulate recommendations for the Swiss government to evolve an international common standard and system for anti-money laundering.

Dr Shah apprised the Swiss delegation of the steps taken by the government of Pakistan against money laundering.

Referring to the geographical location of Pakistan, the adviser said that in order to control the flow of illegal funds and drugs from neighbouring countries “we have invested lot of resources but we need help, both technical and financial, from the Swiss as well as international community to combat this menace”.

Referring to the remittances by overseas Pakistanis through ‘hawala’ system, Dr Shah said that most of them were now routing their money through banks instead of ‘hawala’.

The remittances from overseas Pakistanis, which used to be in millions of dollars, were now over four billion dollars, he said.

“We have improved our system considerably. Pakistan has a very efficient banking system which has a long history, and it would be unfair if the international community puts Pakistan on any watch list,” Dr Shah added.

The adviser also asked the Swiss delegation to arrange a seminar in Pakistan to inform the people about the Swiss banking system.—APP