ALC - Ahmed Abdul Rehman & Legal Consultants

In the midst of the rekindled Israel-Palestine Conflict , a devastating wave of collateral damage has swept across the Gaza region, witnessing an unprecedented death toll that has now surpassed 11,204 martyrs. The United Nations grimly Labels Gaza as a , "Graveyard for Children", underscoring the dire humanitarian crisis.

The following article delves into a comprehensive analysis, shining a spotlight on the State of Israel's persistent and Belligerent actions that amount to war crimes under multiple statutory regimes of International Law and the Geneva Conventions. The urgent call resonates for an immediate ceasefire , emphasizing the critical need for humanitarian assistance to reach the beleaguered population of Gaza.

Authors: Advocate Ahmed Abdul Rehman Shah (CEO ALC) and Miss Ayesha Ahmed (Legal Associate ALC)

Israel-Hamas conflict - Pakistan Observer AS stated by the United Nations, no single document in international law codifies all war crimes. Lists of what can be classified under the umbrella of “war crimes” are found within various branches of international law including humanitarian, criminal and customary laws. The UN asserts that a w...

ALC is proud to present its very own guide to post incorporation and annual compliances for private limited companies in Pakistan. As a law company, we are dedicated to helping local and foreign businesses navigate the complex legal landscape and ensure compliance with all relevant laws and regulations. Download our guide now to learn more about the steps your company should take to maintain its legal status and avoid penalties and fines.

Private limited companies in Pakistan are required to comply with a range of laws and regulations in order to operate legally and maintain their status as a registered company. This includes the Companies Act, 2017 and regulations from the Securities and Exchange Commission of Pakistan (SECP). Failure to comply with these laws and regulations can result in penalties, fines, and even the dissolution of the company.

It is therefore essential for private limited companies in Pakistan to ensure that they are fully compliant with all relevant laws and regulations. This is not only important for avoiding legal consequences, but also for maintaining the credibility and reputation of the company.

At ALC, we are a law company that provides a range of services to help companies in Pakistan comply with the relevant laws and regulations, including the Companies Act, 2017 and SECP regulations. We can assist with everything from the initial registration of a company to ongoing compliance and other legal matters related to company law. Contact us today to learn more about how we can help your company meet its compliance obligations in Pakistan.

To view the guide, please visit: https://www.linkedin.com/posts/alc-ahmed-abdul-rehman-legal-consultants-pvt-ltd_compliance-requirement-for-pvt-companies-activity-7006997875742117889-9_C1?utm_source=share&utm_medium=member_desktop

Or leave a comment below with your email if you would like a free version of this guide.

Federal Shariat Court Gives Green Light to Punjab Women Protection Bill

In its judgement released yesterday, the Federal Shariat Court (FSC) rejected a challenge to the Punjab Protection of Women Against Violence Act, 2016. The Act was challenged on the basis of Islamic law, with the petitioners arguing that it went against Islamic injunctions.

Specifically, the argument of the petitioners was that the Act sought to bring under the ambit of the government what should remain within households. Any matter between a husband and wife, they argued, should be solved within themselves only. Further, the petitioners asserted that the Act is discriminatory against males and attacks their dignity.

The FSC rejected all arguments of the petitioners. In a nutshell, the Court was of the opinion that the petitioners' challenge was based on cultural norms rather than on any legal grounds. It ruled that the Act is a special law with the purpose to protect women against violence in the household, the violence being from the husband or from any other household member.

The Court differentiated between violence and mere reprimanding, emphasizing that Islam gives the husband the right to reprimand his wife for valid reasons, but forbids violence against her.

Further, declining the argument that certain provisions of the Act attacked the dignity of men, the Court pointed out that according to Shariah, 'the protection of life...has priority over any other right including the likelihood or risk of causing indignity to any alleged criminal person.'

UK Court Fines PM Shehbaz Sharif: Lessons for the Pakistani Legal Community

In an order relating to Prime Minister Shehbaz Sharif’s defamation case against the Daily Mail, the High Court of England and Wales imposed a hefty fine on the premier for irregularities in the judicial process.

In 2020, current Prime Minister Shehbaz Sharif filed a claim against the British newspaper Daily Mail, alleging that it had published a defamatory article about him. In October this year, Prime Minister Shehbaz Sharif requested the court to adjourn the proceedings, before abruptly withdrawing the stay application this month.

The High Court ordered Shehbaz Sharif to pay the defendant £30,000 (Rs. 7.8 Million) for the costs incurred by the latter in relation to the stay proceedings. Further, the Court asked Shehbaz Sharif to submit an amended written reply to the defendant’s submissions. The original reply was deemed to be inadequate for not conforming to the relevant civil procedure rules. The Court instructed Shehbaz Sharif that in the case the amended reply did not conform to the prescribed rules, he would be struck out as a party in the case.

The High Court’s order should serve as an example for the Pakistan judiciary, as it shows that the court did not give any preferential treatment to Shehbaz Sharif due to him being a nation’s Prime Minister. Instead, the Court abided by the relevant rules and fined Shehbaz Sharif for the costs incurred by the defendant due to the former’s initiation and abrupt withdrawal of a stay application and deficient reply to the defendant’s written submissions. The Court’s action teaches us that all persons are to be treated equally before the court, and that no one should be given preferential treatment because of their status.

In Pakistan, courts are all too willing to grant adjournments to cases, even though it is well known that adjournments are often used as delaying tactics by parties. Delaying cases not only causes distress to parties seeking justice, but also lowers people’s trust in the judicial system. As the famous adage goes, ‘justice delayed is just denied’. So, we urge the Pakistani legal community to follow the example set by England’s High Court by granting equal treatment to all parties and by foregoing unjust delaying tactics.

Pakistan Pledges to Adopt Islamic Banking System

The Minister of Finance, Ishaq Dar, recently made an announcement to shift Pakistan to an interest free banking system by 2027.

The Federal Shariat Court originally gave its judgment declaring the interest based banking system in Pakistan to be unlawful in 1991. The court ordered the government to abolish the system and replace it with a banking system established on Islamic principles.

The decision was upheld by the Supreme Court in 1999, following which the government requested the court to review the decision. The Supreme Court referred the decision back to the Federal Shariat Court, which finally gave its judgement on the issue in April this year. In June, the government once again appealed the decision.

However, the Finance Minister’s recent announcement that the government would withdraw all appeals against the decision seems to have finally put the matter to an end. The Finance Minister has pledged to transition Pakistan to an interest-free banking system.

https://lnkd.in/dP2_DxT5

State Bank of Pakistan Revises Foreign Currency Carrying and Transaction Limits

In a notification released on 8th November, the State Bank of Pakistan has drastically reduced foreign currency cash carrying limits for travelers. Under the revised rules, adults (18 years of age and above) can only take foreign currency worth USD 5000 per visit while traveling abroad. Meanwhile, minors (those aged less than 18) may take foreign currency worth USD 2500 per visit abroad only. Additionally, adults can only take USD 30,000 worth of foreign currency abroad in a single year, while minors can take foreign currency worth USD 15,000 per year only.

The State Bank has also imposed limits on debit and credit card holders. Under the new limits, individuals may only make international transactions using their debit or credit card up to a limit of USD 30,000 per year. The State Bank has instructed debit and credit holders to observe these limits and has also advised banks to monitor the limits for each user. Banks have been advised to strengthen their monitoring systems to ensure that these limits are observed. They have also been advised to ensure that cross border debit or credit card transactions are only for the personal needs of users and not for commercial purposes.

Reko Diq - A Short Summary and Latest Developments

A presidential reference filed by President Alvi in the Supreme Court of Pakistan seeks the apex court’s advice on the revised Reko Diq deal. Reko Diq is a copper and gold mine in Balochistan that has been the subject of dispute between the Pakistan government and foreign investors. Tethyan Copper, an international mining company, had signed an agreement with Pakistan under which it was awarded a lease for the Reko Diq mines. However, the agreement was declared void by the Supreme Court in 2013. Following this decision, Tethyan Copper approached the International Centre for Settlement of Investment Disputes (ICSID), which ruled in favour of the company and imposed a $6.5 billion penalty on Pakistan in 2017.

In 2022, however, the Pakistan government reached an out-of-court settlement under which it would avoid the penalty imposed by ICSID. Under the new deal, one of Tethyan Copper’s controllers, Barrick Gold, would invest ten billion dollars in the Reko Diq project and would keep a 50% share in the project, as opposed to its previous 37.5% share.

Now, under the present Presidential reference filed in the Supreme Court, the President seeks the court’s advice on the legality of the new deal. Specifically, the question is whether the Supreme Court’s 2013 judgement declaring the Reko Diq deal invalid would preempt the new deal. Further, the President seeks the court’s opinion on whether proposed Foreign Investment (Protection and Promotion) Bill 2022 would be constitutionally valid.

Commenting on the Presidential reference, Chief Justice Umar Bandial pointed out that the basis on which the deal was declared void by the 2013 Supreme Court – allegations of corruption on the investors – was not supported by any evidence in the judgement. This means that the ICSID judgement against Pakistan could still potentially be enforced anywhere in the world, and thus is a potential ticking ‘nuclear bomb.’ These comments suggest that the new deal between Pakistan and Barrick Gold does not mean that the penalty against Pakistan awarded by ICSID has been waived. Instead, the penalty still exists and could be enforced anytime. For more clarification on this issue, we await the Supreme Court’s final opinion in this reference.

FEDERAL SHARIAT COURT DECLARES INTEREST-BASED BANKING SYSTEM AS AGAINST SHARIA

The Federal Shariat Court (FSC) on Thursday announced a verdict in a long-pending case on Riba (interest), declaring the prevailing interest-based banking system as against the Sharia and directed the government to facilitate all loans under an interest-free system.

In its long-awaited verdict, the court ruled that the federal government and provincial governments must amend relevant laws and issued directives that the country's banking system should be free of interest by December 2027.

The court observed that banks were receiving more than the loan amount when fell under the category of usury. "Islamic banking system is risk-free and against exploitation," Justice Dr Syed Muhammad Anwar remarked.

"Almost two decades have elapsed but the governments have not taken any decisions against the interest system," Justice Anwar said.

The court also declared all the provisions of the Interest Act 1839, which facilitate interest, as unlawful.

The FSC had reserved its verdict in the case on April 12.

The full FSC bench comprising Chief Justice Muhammad Noor Meskanzai, Justice Dr Syed Muhammad Anwar, and Justice Khadim Hussain M Shaikh had heard a number of constitutional petitions filed against the interest-based banking system in the country and reserved the decision of the case after the completion of arguments of the lawyers of the parties.

In the hearing today, Justice Anwar said an interest-free banking system is possible the world over. He emphasised that the elimination of interest from the economic system is a shariah and legal obligation.

"I disagree with the federal government in its reply stating negative effects of interest-free banking," the judge noted.

Meanwhile, Finance Minister Miftah Ismail welcomed the court's decision. He said the government and the central bank would "carefully study this important decision and then seek guidance and clarification from the FSC about the process, steps and timeframe" for its implementation.

HISTORY OF THE CASE:

The first petition for the abolition of the interest-based banking system in the country was filed in the FSC on June 30, 1990.

The then chief justice of the FSC, Dr Tanzeelur Rehman, had constituted a three-member bench that delivered judgment in the case on November 14, 1991, and sought its implementation by April 30, 1992. The then PML-N government had challenged the decision in the apex court.

Years later on December 23, 1999, the Supreme Court upheld the decision of the FSC and directed authorities to ensure its implementation by June 30, 2000.

Subsequently, a review appeal was filed in 2002 with the top court, and on June 24, 2002, the decision of the Shariah Court was suspended and the case was referred back to the FSC for interpretation of Riba.

The case against the interest rate system had been pending in the Shariat Court for the last 19 years. Around nine chief justices of the FSC have completed their terms since then, but the case remained undecided until its verdict was announced today.

ISLAMABAD HIGH COURT ALL SET TO GO LIVE WITH ITS PROCEEDINGS

In a first, the Islamabad High Court (IHC) has decided to live-stream judicial proceedings for which it ran a trial on last Friday.

The court administration has installed the necessary equipment for live streaming and, according to an official, it will be available to the general public by next month.

The streaming of judicial proceedings is not a new phenomenon, as courts in western countries, the US and even a few high courts in neighbouring India allow streaming of the proceedings. Some courts have even established their YouTube channels for the purpose.

In Pakistan, the concept of streaming the proceedings live for the public is comparatively new, as the superior courts in the recent past introduced the e-court facility, enabling a judge to conduct online proceedings and allowing the lawyers to participate through a video link via a protected password.

While the judiciary believes the decision will ensure accountability of judges, the legal fraternity expects it to strengthen public confidence in courts.

Supreme Court lawyer Kashif Ali Malik said since the public will be able to witness the hearings on important political and other high-profile cases live, they will be in a better position to judge the conduct of the courts. According to him, the openness of court proceedings will show that the institution was fair, transparent and administering justice without any fear and favour.

However, judicial sources are also considering the possible misuse of this attempt at transparency, as habitual litigants could take this as an opportunity to record their ‘sermons’ and reuse them for their vested interests.

Another apprehension is editing the recordings of proceedings out of context to scandalise the judges or manipulate the course of justice.

While the IHC administration can regulate the habitual litigants administratively, IT exp­erts say the misuse of contents of the live stream can be checked through different means.

Wahaj Siraj, an expert in the IT sector, was of the view that the Supreme Courts of UK and California and even the high court of the Indian state of Gujarat live-streamed their proceedings. He said the IHC will possess copyrights of the streaming and any misuse will be dealt with accordingly.

He further said that in order to discourage any manipulation of the editing, the court has all the power to initiate contempt proceedings against those responsible.

BENEFITS FOR ALIEN REGISTRATION CARD HOLDERS

National Database and Registration Authority (NADRA) has commenced Alien's registration and issuance of Alien Registration Card (the ARC) w.e.f. 13-Aug-2021 under NADRA (Alien Registration Card) Rules, 2021. Whereunder the registered alien during the validity of card may avail following benefits:

1. Travel within the country except restricted areas;

2. Apply in any private education institutions at his/her own expenses;
Apply for utility connections;

3. Apply for registration of vehicles;
apply for driving license;

4. Open a bank account with any bank in Pakistan, subject to the condition that registered foreigner shall only open an account within the city of his/her residence;

5. Use the card for establishing and proving his/her identity anywhere in Pakistan;

6. Get a cellular mobile connection;

7. Apply for work permit to seek private employment or start business subject to payment all taxes, cess, rates etc. as per law of the land;

8. Shall have permission to stay in Pakistan during the validity of the card;

9. Settle in any city within Pakistan as indicated in his/her card; and

10. Shift in any city within Pakistan after intimating to the Authority within the validity period of the card and modify his/her address on the card accordingly.

According to rule 17(2) of the said Rules:

"In addition to the benefits conferred under rule 17(1) above, a registered foreigner shall not be liable to prosecution under the Foreigners Act, 1946 (Act No. # # of 1946) for any unauthorized stay of such registered foreigner in Pakistan prior to registration under these rules:

Provided that such foreigner has stayed in Pakistan for at least five years prior to registration under these rules or has remained in prison for a period of three years whichever is less."

All companies are under obligation to direct their foreign employees, director and officers to get the Aliens Registration Card and avail authorized facilities linked with the ARC.

PRIME MINISTER ANNOUNCES ZERO TAX FOR IT FREELANCERS

Prime Minister Imran Khan on Monday announced a zero tax rate for freelancers in the information technology sector.

He said Pakistanis, especially the youth, had great talent but the system did not allow them to excel.

Speaking at the launch of the National E-Tijarat Portal, Mr Khan assured the youth of “all-out facilitation” by the government and urged them not to miss the IT revolution. They should not only generate revenues for themselves but also help bridge the country’s trade gap.

“This is the technology revolution. The youth should in no way miss it. We expect the country’s IT exports to reach $50 billion in a few years.”

He said the IT industry favoured the youth as persons in their 20s had become billionaires and had older people work as their subordinates.

Announcing a policy of zero tax for registered e-freelancers, the prime minister said American entrepreneur and philanthropist Bill Gates visited Pakistan recently on his invitation because he wanted to involve him in Pakistan’s IT sector.

Special Assistant to the Prime Minister on E-Commerce Aon Abbas Buppi said in 2021 the country’s e-commerce market was worth $4bn while the volume of global e-commerce market was estimated at $30 trillion.

He said that under its first e-commerce policy, the government had enhanced freelance payments from $5,000 to 25,000.

GOVERNMENT TO SET UP SEPARATE JUDICIAL SYSTEM FOR OVERSEAS PAKISTANIS

Federal Minister for Information and Broadcasting announced on Tuesday that the government had decided to set up a separate judicial system for overseas Pakistanis.

He made this announcement while addressing a press conference after a federal cabinet meeting in Islamabad.

"We [cabinet] have given approval for a separate judicial system for overseas Pakistanis, continuing our tradition to think about and work for their benefit," he said, adding that under this system, summary trials would be held for the cases of overseas Pakistanis.

The minister said an act for the implementation of this system in Islamabad had been sent to the Council of Common Interests and later, Punjab and Khyber Pakhtunkhwa would adopt the same law.

After this, he said, the system would be installed everywhere there was a PTI government, including Gilgit-Baltistan and Kashmir.

In this connection, he acknowledged that principally, expeditious trials were the right of every citizen.

"But overseas Pakistanis come from abroad ... They can't stay here for long and so this has been done for them," he explained.

Whom Are We Hiring:
ARLC is looking for eligible candidates against the post of SENIOR ASSOCIATE at it's Islamabad Office

Who May Apply:
* Those seeking experience and learning in Corporate, Civil and Criminal legal matters may apply for this part-time job
* Working hours: 9 am to 1 pm, 6 days/week

Salary:
The Pay package will be assessed after the period of probation (1 month) based on the overall performance of the candidate. The evaluation will be made depending upon the indicators such as:
1. Expertise and Proficiency;
2. Hard work and Dedication;
3. Character and Discipline

Eligibility Criteria:
* LLB from a reputed institution
* Enrolled as an Advocate High Courts
* Litigation experience with any senior lawyer or a law firm
* Well versed in drafting, research work, spoken English and tech savvy
* Having a fair understanding and discernment to administer amd manage the social media pages of the Law Company
* Possessing the capability to manage the affairs of Office as well as to supervise the Associates and Internees

Preferences:
* Residence near close vicinity of the Office. (Office Address: 109, Street 10, E-11/4, Islamabad)
* Possessing a degree of LLM or foreign qualified
* Having personal conveyance

About Applications:
• Apply with your CVs and resumes till 21st of February 2022
• Only shortlisted candidates shall be called in for the interviews

Best of Wishes.!

Whom Are We Hiring:
ARLC is looking for eligible candidates against the post of ASSOCIATE at it's Islamabad Office

Who May Apply:
* Those seeking experience and learning in Corporate, Civil and Criminal legal matters may apply for this part-time job
* Working hours: 9 am to 1 pm, 6 days/week

Salary:
The Pay package will be assessed after the period of probation (1 month) based on the overall performance of the candidate. The evaluation will be made depending upon the indicators such as:
1. Expertise and Proficiency;
2. Hard work and Dedication;
3. Character and Discipline

Eligibility Criteria:
* LLB from a reputed institution
* Enrolled as an Advocate District Courts
* Litigation experience with any senior lawyer or a law firm
* Well versed in drafting, research work, spoken English and tech savvy
* Having a fair understanding and discernment to administer amd manage the social media pages of the Law Company

Preferences:
* Residence near close vicinity of the Office. (Office Address: 109, Street 10, E-11/4, Islamabad)
* Possessing a degree of LLM or foreign qualified
* Having personal conveyance

About Applications:
• Apply with your CVs and resumes till 21st of February 2022
• Only shortlisted candidates shall be called in for the interviews

Best of Wishes.!

This widely circulated notification is fake and fabricated.

May visit the following link for all issued Circulars of LHC for Jan, 2022. Notifications were issued on 19th and 25th only, excluding the 22nd (date of this notification in question)

https://data.lhc.gov.pk/downloads/notifications

First Wife Alone Can Challenge Husband’s Second Marriage: Lahore High Court
==========================
The Lahore High Court has ruled that only the first wife can challenge the second marriage of her husband if contracted without her permission.

Justice Muhammad Amjad Rafiq issued the ruling quashing a first information report (FIR) against a man registered on an application by his brother-in-law for contracting a second marriage allegedly without the mandatory permission from his first wife.

The Sheikhupura police had registered the impugned FIR in 2013 against Ghazanfar Naveed, the petitioner seeking quashment, on the complaint of the brother of his first wife. Earlier, another FIR was registered in 2011 against him on a similar charge by the same complainant, which was cancelled by a judicial magistrate.

The complainant then lodged the impugned FIR based on the same plea, though with a twist that Naveed contracted a second marriage by preparing a forged permission letter purportedly issued by his first wife. The matter had been pending before a magistrate for trial since 2013.

The counsel for the petitioner mainly argued that under the dicta laid down by the Supreme Court in the famous case of ‘Ms. Sughran Bibi v. The State’ (PLD 2018 SC 595), no second FIR was permissible on the same facts and there was no difference between the two FIRs against the petitioner.

He said the matter was between the spouses and touched the terms and conditions of a marriage certificate/nikahnama and in such an eventuality the ordinary court loses jurisdiction in view of special provisions contained in the Family Courts Act, 1964.

On the other hand, the counsel for the complainant argued that this was not a matter to be tried by a family court because the alleged forgery committed by the petitioner did not fall within the purview of a family dispute.

Justice Rafiq, in his verdict, observed that it is trite that a second FIR is not permissible under the law and that every version in an FIR put forward by the same complainant or different parties to the proceedings would be recorded in the same FIR and if the first stood cancelled, the party concerned may file a private complaint or an application for review of the cancellation order.

In the present case, since the complainant has not done this, there was no occasion for him to get another FIR lodged, the judge added. The judge noted that whether the permission letter was forged or genuine is an issue to be decided by the family court.

He further observed that so far, the first wife had not challenged the second marriage of her husband/petitioner, who is the aggrieved party, in terms of filing a complaint under Section 6(5) of The Muslim Family Laws Ordinance, 1961. The judge maintained that the complainant, being a brother of the first wife, cannot be termed an aggrieved party nor can he be authorised to file such a complaint.

“When the first wife, being sine qua non for initiating the proceedings, an alternative illegal course, that too through a person not aggrieved at all, is nothing but farce,” Justice Rafiq ruled.

He declared that the magistrate was not justified in taking cognisance of the case, which was exclusively triable by a family court. Allowing the petition, the judge declared that the impugned FIR was not competent under the law and quashed the same.

However, he observed that the wife may agitate before the family court by filing a complaint with the grievance on the touchstone of her husband contracting a second marriage without her permission.

Published in Dawn, December 30th, 2021

FIA Issues Notice to Crypto Exchange Binance in Multi-million Dollar Scam
=========================
The Federal Investigation Agency's (FIA) Cyber Crime Wing (Sindh) said on Friday that it had issued a notice to an official from Binance, a popular cryptocurrency exchange, while investigating a multi-million dollar scam.

In a press release, the FIA said that the Cyber Crime Wing had issued an order of attendance to Hamza Khan, the general manager/growth analyst at Binance Pakistan, to explain his position on the company's linkage to "fraudulent online investment mobile applications".

"A relevant questionnaire has also been sent to [the] Binance Headquarters [in] Cayman Islands and Binance US to explain the same," the handout said.

The agency said that many online investment frauds were operating in Pakistan on the pattern of Ponzi schemes where investors were promised high returns on their investment if they brought in more clients.

"These schemes benefit old clients at the cost of new clients and ultimately disappear when they have made [a] substantial capital base worth billions of rupees," the handout said.

The FIA further added that on Dec 20, 2021, people from all over the country contacted the agency and said that at least 11 mobile apps had stopped working and had "defrauded people of billions of rupees".

These apps were identified as MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK and 91fp.

"The modus operandi of these applications was to ask people for registration at Binance Crypto Exchange (Binance Holdings Limited) [...] the next step was to transfer money from the Binance Wallet to the account of that particular application.

"At the same time, all the members of the group were added in groups on Telegram where so-called expert betting signals, on the rise and fall of Bitcoin, were given by the anonymous owner of the application and admins of the Telegram groups," the FIA press release said.

These apps crashed once a considerable capital base was established, robbing people of millions of dollars through the "referral bonus process", it added.

The FIA said that according to the initial findings, each application had an average of 5,000 customers with HFC reporting the maximum number of customers at 30,000.

"The reported range of investment per person was from $100 to $80,000 with an estimated average of $2,000 per person thus making estimated scam stand at nearly $100m," the agency said.

It added that necessary steps had been taken "to reach the root of this scam", including the "debit block" of all Pakistani bank accounts linked to such apps.

It said authorities at Telegram were being contacted to provide the whereabouts of the admins of the fraudulent apps. "Social media influencers promoting these apps are being served with legal notices to explain their point of contact with the apps," the agency said.

"At least 26 suspect blockchain wallet addresses (Binance wallet address) have been identified where fraudulent amount may have been transferred. A letter has been written to Binance Holdings Limited to give the details of these blockchain wallet accounts as well as to debit block them," the statement said.

"Binance has been asked to provide with conditions, official supporting documents, integration mechanism of these API’s (applications) with Binance," it added.

The FIA also stated that Binance was the "largest unregulated virtual currency exchange" where Pakistanis had invested millions of dollars.

"FIA Cyber Crime Sindh has started steps towards keeping a close eye on peer-to-peer transactions done by Pakistanis on Binance to curb the menace of terror-financing and money laundering as Binance is the largest easy-to-go platform facilitating such activities."

The FIA said that it expected Binance to adopt a "liberal and swift approach" in helping Pakistan track financial crimes.

"In case of non-compliance, FIA Cyber Crime will be justified to recommend financial penalties on Binance through the State Bank of Pakistan," the handout said.

FIA issues notice to crypto exchange Binance in multi-million dollar scam Agency says at least 11 fraudulent online investment mobile applications robbed Pakistanis of millions of dollars.