Karachi, March 24, 2026 – The State Bank of Pakistan (SBP) has intensified its crackdown on illegal financial activities by cancelling the licenses of two money exchange companies over serious regulatory violations.
In an official statement issued on Tuesday, the central bank announced that it has revoked the authorization of M/s Al Raj International Exchange Company (Private) Limited with immediate effect. The action was taken due to significant breaches of SBP’s regulatory framework governing foreign exchange operations.
As a result, the company’s head office and all its branches have been strictly prohibited from conducting any form of foreign exchange business. The SBP emphasized that the decision is part of its broader efforts to enforce compliance and maintain transparency in the financial sector.
In a similar move, the SBP also cancelled the license of M/s Dream Exchange (Private) Limited, citing serious violations of regulatory instructions. The company is now barred from engaging in any foreign exchange-related activities across Pakistan.
The latest enforcement actions come as part of an ongoing nationwide crackdown being carried out by the SBP in coordination with the Federal Investigation Agency (FIA). The campaign is aimed at curbing illegal practices such as money laundering and hawala/hundi, which undermine the formal banking system and economic stability.
Authorities have reiterated their commitment to promoting legal and transparent financial transactions through authorized banking channels. The SBP has also warned other exchange companies to strictly comply with regulations or face similar action.
This development highlights the regulator’s resolve to strengthen oversight and ensure integrity in Pakistan’s foreign exchange market.