PESHAWAR -- The Federal Investigation Agency (FIA) sealed a currency market Saturday (September 15) in Peshawar to prevent money laundering in line with the requirements of the Financial Action Task Force (FATF), Dawn reported.
The FIA conducted a raid targeting the Chowk Yadgar currency market, the site of alleged money laundering.
The FIA conducted the raid to shut down illegal hundi and hawala businesses, FIA Director for the KP (Khyber Pakhtunkhwa) Zone Mirvais Niaz said, according to Dawn.
The FIA made 42 arrests and sealed more tan 50 shops for "their involvement in running this parallel banking system", he said, adding that "a total of Rs. 26.8 million ($234,000) was confiscated," Dawn reported.
"This money is impossible to trace and could very well have been used for terror financing," he added.
In June, the FATF put Pakistan on its 'grey list' after finding "strategic deficiencies" in Pakistan's work against terror financing and money laundering.
