“PSW-Led Integration to Help Fight Trade-Based Money Laundering”

ISLAMABAD: Pakistan’s Single Window (PSW) enabled integration with international freight and bank data would help curb illegal cross-border trade-based money movements, the country’s top finance official said on Monday.

“The fight against financial crimes and commercial money laundering is one of our main priorities and I am delighted to know that by integrating with international banking and maritime databases, PSW will ultimately enable the collection and transparent dissemination of information to Customs, State Bank of Pakistan. , and other relevant agencies for the prevention of these crimes and abuses, ”said Shaukat Tarin, Prime Minister’s financial adviser at the launch of PSW’s subscription and banking modules.

The launch ceremony was hosted by PSW Company in collaboration with USAID. PC-1 for PSW was approved in September 2020 and would be completed by June 2023.

Under PSW, 74 different government departments would be connected to ensure smooth and hassle-free commerce, including imports and exports as well as the transit of goods.

The PSW allows parties involved in trade and transport to register standard information and documents with a single point of entry and thus meet all regulatory requirements for import, export and transit. .

Previously, traders had to get approval from various government offices, which doubled effort and paperwork, resulting in increased costs and delays. Today’s announcement rolled out the customs registration and subscription system, as well as the commercial bank integration module, which are the first steps to help reduce these costs and delays, and which will benefit consumers and businesses.

“The importance of foreign trade for the growth of any economy cannot be denied. The growth of trade has a direct correlation with the growth of a country’s GDP and the achievement of the goal of sustainable and inclusive economic growth for everyone in Pakistan, ”he added.

This government, he said, came to power on the slogan of changing and reforming and improving transparency and accountability frameworks by leveraging technology for transparent and smart solutions for business and society. governance.

“We see PSW as a key tool and catalyst to improve governance in all matters related to cross-border trade and bring much needed regulatory and procedural reform to the country’s cross-border ecosystem. In doing so, PSW will provide a comparative advantage for Pakistani companies and business community to enter new markets and increase exports. “

He said the government is actively pursuing the program to make Pakistan a hub for regional trade and transit and realize the full potential of Pakistan’s geostrategic and geoeconomic situation.

Tarin informed the audience that an important milestone has been taken by implementing the TIR agreement and shipping transit shipments to Uzbekistan and Turkey.

Aftab Haider, CEO of PSW, officially welcomed the participants and made a presentation on the scope and mandate of the organization. “PSW will help transform commerce and significantly contribute to [improving] ease of doing business in Pakistan, ”he added.

Haider said the integration of the banking module would allow users to conduct financial transactions seamlessly by eliminating electronic import forms (EIF) and electronic export forms (EFE) mandated by SBP. David Young, USAID deputy mission director, said that by simplifying trade, PSW would help unblock Pakistan’s economy.

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