The Pakistani government has taken a crucial step to establish a new cybercrime agency, NCCIA, to control increased cybercrime. NCCIA refers to the National Cyber Crime Investigation Agency.
According to Rai Ijaz Ahmad, Director of the Federal Investigation Agency (FIA), NCCIA is being established to fight rising cybercrime including financial fraud. While strict steps are being implemented to combat smuggling.
Furthermore, Director Rai recommended the business community switch to transparent transactions through government channels rather than making payments through “Hawala Hundi” to avoid financial fraud. He stated it at a meeting of the Faisalabad Chamber of Commerce & Industry (FCCI).
Hawala Hundi involves money transfers using checks between accounts in branches near the border. A group of people or entities connected to a network handles it.
Rai mentioned that the State Bank’s Financial Management Unit uses electronic monitoring to keep track of financial information. They specifically look out for “red flags,” which are activities that seem suspicious, irregular, or unreasonable.
He advised business people to hold back from engaging in illegal traditional practices. Because the monitoring system will become more strict in the coming days through NCCIA.
The Director Rai explained the differences between the FIA’s and other departments’ responsibilities. He said that the FBR is usually in charge of tax issues. However, the FIA will interfere in any forgery or fraudulent deals.
He advised business people to make payments directly to the parties in question rather than through an irrelevant account. He also urged that the FCCI hold an awareness session to sensitize its members and clarify various concerns regarding the business community.
Furthermore, he proposed that FCCI hold a session on this topic to make its members more aware of the possible illegal business activities, whether they are doing it on purpose or not.
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