Pakistan uncovers suspected US$7 billion trade-based money laundering operation

The Intelligence and Investigation Directorate of Pakistan’s Federal Board of Revenue (FBR) says it has detected money laundering of over US$7 million by a Pakistani company that imports medical products for poultry.

The directorate says it has found that the company laundered US$2.1 million from Pakistan to Dubai while investigations into the routing of a further US$5 million transfer of foreign currency are still underway.

Under-invoicing

The directorate says Marush International imported poultry vaccines, medicines and nutrients that had been massively under-invoiced. The importer also submitted fake invoices and other documents to customs for clearance purposes.

Marush has been operating in Pakistan since 2011 out of offices in Lahore and Karachi.

Further allegations

The FBR further alleges that the company has been illegally importing medicine and vaccines for poultry by presenting fake import authorisation, ostensibly from the Drug Regulatory Authority of Pakistan.

According to the directorate, Marush used the hawala system of money exchangers in its money laundering operations.



Categories: Trade Based Financial crimes News