400,000 Pakistani expats sign pledge against illegal remittances
Campaign against money laundering ‘Iss Bar, Hundi Pe Waar’ in UAE makes big difference
Dubai: In a campaign against money laundering, more than 400,000 Pakistani expatriates in the UAE have signed a pledge promising to send remittances back home through legal banking channels.
This was achieved as part of awareness campaign ‘Iss Baar, Hundi Pe Waar’ against illegal remittances launched in the UAE. The campaign started three months ago by Index Exchange in collaboration with Dubai Police and Abu Dhabi Police and other stake holders, proved to be a roaring success as it reached out to hundreds of thousands of Pakistani expatriates especially the blue collar workers across the UAE.
Speaking at the event organised in Dubai to celebrate the successful campaign, Pakistan Ambassador Faisal Niaz Tirmizi lauded the organisers for their pioneering efforts in the fight against illegal remittances. He also highlighted the detrimental impact of illegal remittance channels like ‘Hundi’ or ‘hawala’ on Pakistan’s economy.
Lack of education
He noted that many expatriates are unaware that they would face legal issues if they use illegal channels to send remittances back home. He stressed on the importance of using legal remittance channels to support Pakistan during this critical times of economic crunch.
“We salute our blue-collar expatriates who are indeed the ‘unsung heroes’ for using legal channels to send money back home,” he added.
The event was attended by officials from Al Hail Holding Group, Index Exchange management and board, representatives from the Pakistan Business Council, prominent Pakistani businessmen, members of various Pakistani associations, and Pakistani banks.
Legal remittances
Humayun Murad, Executive Director of Index Exchange, expressed his gratitude towards the community, stating: “We have been serving the community for the last 48 years and are committed to continuing our mission of promoting legal remittances and supporting Pakistan’s economy.”
Syed Abdus Salam, Chief Operating Officer of Index Exchange, said the campaign was focused on strengthening Pakistan’s economy through increased legal remittances.
He added: “The campaign against illegal remittances is a reflection of our commitment, aimed at bolstering the economy of Pakistan by encouraging legal remittance channels.”
Campaign objectives
Mir K Rasool, Chief Business Officer of Index Exchange, briefed the audience about the campaign’s objectives, strategies employed, and the impactful results achieved.
He highlighted that legal remittances are a lifeline for millions of families in Pakistan, providing essential financial support and contributing to the country’s economic growth.
“With the support of Abu Dhabi Police, Dubai Police, and other stakeholders, we have been successful in raising widespread awareness, and we are hopeful to see a significant increase in legal remittances.
The event also saw the honouring of business community leaders and professionals.
Increase in remittances
Pakistan, one of the top five recipients of remittances globally, with billions of dollars sent home by overseas Pakistanis every year, is expected to receive more than $33 billion remittances during the financial year 2024-25 compared to $30.25 billion remittances in 2023-24.
Globally, overseas Pakistanis sent $141.25 billion during the past five financial years (2019-24) and provided a much-need cushion to economy during the pandemic and slowdown in global economy.