Daily Times * Says smaller banks least resilient against macroeconomic risks July 9, 2021 The State Bank of Pakistan (SBP) has warned the general public and persons engaged in sale, purchase and transfer of foreign currency through Hawala/Hundi. The SBP said that people may unknowingly become part of money laundering and terrorism financing offence by dealing with illegal foreign exchange operators. The money laundering and terrorism financing offences are punishable under Anti-Money Laundering (AML) Act, 2010 and Anti-Terrorism Act (ATA) 1997. The business of foreign exchange in Pakistan is regulated under Foreign Exchange Regulation Act (FERA) 1947. The SBP issues authorization to banks and exchange companies to conduct foreign exchange business.