IT is stated that approximately $10 billion per year is laundered out of the country by illicit means — hundi, hawala and fake companies. It is a pipe dream to recover such funds stashed abroad in bank accounts, assets, investments, etc, despite agreements with some countries, whose primary concern is curbing such funds is terrorism scare.

It would be a boost for the economy if this haemorrhage is locally plugged, even if we are unable to get those funds back because there are legal implications in getting that money back from other countries like the UAE.

Rafi Ahmed

Karachi

Published in Dawn, January 16th, 2019