KARACHI, Dec 6: A three-member team of the United Nations met money changers at a local hotel here on Thursday to find some clue about money laundering in Pakistan.

“We told them that licensed money changers have nothing to do with money laundering,” said president of Forex Association of Pakistan Malik Bostan.

He told Dawn by telephone that the UN team was led by Wayne L. Blackburn and included Brig. Humayun Rashid and Col. Tariq. Balckburn is a UN consultant and Brig. Rashid is consultant for the UN drug control programme. Col. Tariq is his colleague.

The money changers who attended the meeting included Malik Bostan, Mahboob Moti, Ovais Kalia and Muhammad Hanif.

Senior bankers said the three-member team is in Pakistan to try to find out how money laundering takes place here. During their visit they will also meet senior government officials and heads of leading banks.

By facilitating the visiting experts Pakistan is fulfilling its commitment to the world community about eradicating money laundering. Pakistan renewed this commitment after the September 11 attack on the US.

Malik Bostan said he told the visiting experts that 400-odd money changers keep complete record of all transactions worth over $10,000. He told them that the money changers also send weekly statements to the State Bank showing their sale and purchase of foreign exchange worth over $10,000.

Bostan said the visiting experts were eager to know about the sources of foreign exchange inflow into the open market. “We told them that the major source of inflow is remittances from overseas Pakistanis.”

“We also informed them that the SBP is going to allow money changers to set up exchange companies for better regulating the open market.”

He said the money changers informed the team that since they were not allowed to transfer money through TTs they were not involved in Hundi business. “We told them that Hundi business is being run mainly by those overseas exchange companies that can remit money through TTs.”