On November 7, 2024, Pakistan’s Federal Investigation Agency (FIA) successfully executed a raid, seizing Rs25 million from a hawala-hundi network involved in illegal currency transfers. This bust is part of FIA’s broader crackdown on illegal financial networks that operate outside the regulated banking sector, often facilitating tax evasion and money laundering
The operation took place in Karachi, where FIA agents traced transactions linked to prominent hawala operators. The agency has been focusing on dismantling these networks as part of Pakistan’s commitments to the Financial Action Task Force (FATF) for preventing terror financing. Several individuals connected to the scheme have been taken into custody, with further investigations ongoing to identify additional links in the chain.
Hawala-hundi operations have long been used to transfer large sums of money without detection, circumventing formal banking systems. This seizure not only aims to disrupt illegal financial activities but also sends a strong message about Pakistan’s efforts to meet international anti-money laundering standards. The FIA has called for public cooperation in reporting suspicious financial transactions to combat these networks effectively.
