Effective implementation of integrated database necessary at all ports of entry: Shamshad Akhtar

ISLAMABAD, Jul 10 (APP):Caretaker Finance Minister, Dr. Shamshad Akhtar here on Tuesday stressed effective implementation of the integrated database for monitoring and enforcing State Bank of Pakistan (SBP)’s currency regulation regime at all ports of entry.
She was chairing a meeting to discuss measures against cross border illegal transportation and smuggling of currency.
The Minister at the outset of the meeting said as part of steps to check terror financing and menace of money laundering, we needed to put in collective efforts to check currency smuggling through our borders to control terrorism and other criminal activities.
The Minister highlighted the areas for immediate focus to check cross border illegal transportation of currency.
She said it was important that authorities properly identified and understood the nature of risks of cash couriers that were being used for Terror financing.
She said there was need to further strengthening the currency and Bearer Instruments declaration and seizure regime at all ports of entry by applying effective, proportionate and dissuasive sanctions when there were instances of false declaration or failure to declare and currency smuggling.
The Minister said it was important that authorities at the border points should enhance the coordination and cooperation by sharing information on currency smuggling.
Customs and other agencies need to work together to improve border controls. Effective internal cooperation was essential in order to effectively control the problem, she added.
The meeting expressed consensus on physical and technological up-gradation of systems, in line with international standards, at all ports and other check points along the borders.
It observed that legal provisions to check currency smuggling and bring to book those involved in this crime were in place.
However, effective implementation and further consolidation in this area should be enhanced.
The meeting also emphasized close coordination among agencies and institutions concerned at airports and border check points for effective control of currency smuggling.
There was also emphasis on ensuring currency declarations by passengers on all incoming and outbound flights besides scanning of passengers’ belongings.
Shamshad Akhtar welcomed the suggestions made by the participants and said their speedy implementation was required.
She directed Federal Board of Revenue (FBR) for immediate assessment of the legal regulatory deficiencies as well as tools, instruments and equipment required to put in place checks and controls at ports, entry and exit points to curb illegal currency transportation and smuggling.
She said checking currency smuggling would ultimately help the cause of curbing terror financing and money laundering.