Mohsin Naqvi urges traders to bring back funds, says $100bn moved abroad in recent years

Interior Minister Mohsin Naqvi has said that approximately $100 billion has left the country over the past three to four years, urging traders to repatriate at least 30 per cent of those funds.

Speaking at Federation House in Karachi, he stated that if the business community decides now, up to $10 billion could return to Pakistan before the upcoming budget.

He encouraged investors to utilise the Roshan Digital Account scheme and bring their funds back, adding that Pakistan offers competitive returns and a supportive business environment.

Naqvi said the government would make the Federal Investigation Agency more business-friendly, stressing that the wider business community should not be penalised due to the actions of a small minority. He added that authorities have the capacity to trace illicit financial flows if needed.

He clarified that the government is not asking for all overseas funds to be repatriated, but suggested that even 20 to 30 per cent would exceed $10 billion and significantly support the economy.

The minister also revealed plans to introduce special passports for verified businesspersons, aimed at easing visa-related difficulties, particularly for travel to China, the United States, Europe and the UK.

He said efforts are underway to improve the global ranking of the Pakistani passport.

Naqvi further criticised the role of money changers, stating that they are often used to move funds abroad rather than facilitate tourists.

He disclosed that transactions involving six to seven major groups in Karachi have been identified, warning that no leniency would be shown to those illegally transferring money overseas.

He added that discussions have also been held with the finance minister to review the role of money changers and explore whether such transactions could be handled more effectively through the banking system.