Single window customs portal expected to curb TBML in Pakistan says former finance minister

Pakistan’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway, is expected to curb trade-based money laundering (TBML) according to a former finance minister.

Shaukat Tarin, who is now advisor to Pakistan’s prime minister on finance and revenue, says Pakistan Single Window (PSW) will be a key tool and enabler for improving governance of cross-border trade and help facilitate much needed regulatory and procedural reforms in the country’s international trading systems.

Transparent data

The PSW allows parties involved in trade and transport to lodge standardised information and documents with a single-entry point to fulfil all import, export, and transit-related regulatory requirements.

The window should help reduce the time and cost of doing business in Pakistan and make trade related business processes more efficient, transparent and consistent.

Supported by USAID, PSW is a collaborative effort led by customs but involving multiple public and private sector stakeholders including regulatory authorities, traders, freight forwarders, banks and terminal operators.

Financial crime prevention

“Countering financial crimes and trade-based money laundering is one of our key priorities and I am delighted to know that by integrating with international shipping and banking databases, PSW will eventually enable seamless collection and dissemination of information to customs, the State Bank of Pakistan, and other relevant agencies for the prevention of such crimes and malpractices,” Tarin said at the launch of PSW’s subscription and banking modules.

The subscription and customs registration system and the commercial bank integration module are amongst the first steps of implementing PSW, which was approved in September 2020 with completion expected by June 2023.


Categories: Trade Based Financial crimes News

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