The Pakistani Finance Minister Shaukat Aziz announced at the weekend that the government would be enacting tough new laws on money laundering in order to support the international fight against terrorism.
He said that the Finance Ministry was working with the Central Bank on the legislation, which is designed to curb illegal foreign exchange flow, and announced the enforcement of new regulations for open market currency dealers and authorised moneychangers.
Mr Aziz also urged Pakistani citizens with undeclared overseas investments or bank accounts to repatriate their assets to Pakistan, promising that government officials would set a precedent by placing their own holdings with banks in the country.
However, there are those who feel that this is already taking place, and that this may go some way to explaining the unprecedented strength of the rupee. Some experts have suggested that tax-evading Pakistani citizens are becoming increasingly nervous as the worldwide crackdown on money laundering intensifies and banking secrecy begins to disintegrate, and are working on the principle that it is better to repatriate some assets to Pakistan and face the consequences, than risk losing everything as a result of a government 'fishing trip'.
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