Overseas Pakistanis are the backbone of the country’s economy, sending home billions of dollars in remittances every year. However, a significant portion of these remittances is transferred through informal channels, known as unregulated remittances. Such remittances sent through methods like hawala/hundi pose a number of risks, including threats to the national economy, the potential for fraud, money laundering, and financing of illegal activities. Unregulated remittance is the transfer of money through informal channels, such as hawala/hundi and money mules. These channels are not regulated by the government, and they offer little or no protection to consumers. One of the biggest risks associated with unregulated remittance is fraud. Hawala operators and money mules are often criminals who exploit unsuspecting people. They may promise to transfer money quickly and cheaply, but they may end up stealing the money or disappearing altogether. Another risk associated with unregulated remittance is money laundering. Criminals use unregulated channels to launder money from illegal activities, such as drug trafficking and terrorism. When expats use an unregulated channel to send money home, they may be unknowingly helping finance these activities. Formal money transfer channels, such as banks and licensed money transfer operators, offer a number of benefits over unregulated channels. First, they are regulated by the government, which means that expatriates’ hard-earned money is protected from the risks of fraud or other problems. Second, formal channels offer competitive rates and fees. In fact, many banks and money transfer operators offer low-cost remittances. A key example is ACE Money Transfer and Bank Alfalah’s Fee-Free Money Transfers to Pakistan in a joint campaign that focuses on promoting the use of regulated channels. Third, formal channels are convenient and easy to use. Expats can send money home online, through a mobile app, or using a website. ACE Money Transfer and Bank Alfalah have made the process relatively more convenient, smooth, secure, and economical, which merely requires a few steps to create a global remittance transaction. ACE Money Transfer and Bank Alfalah have launched a joint campaign to educate Pakistani expats about the perils of unregulated remittance and the benefits of using formal channels to send money to Pakistan from overseas. The campaign aims to empower overseas Pakistanis to make informed decisions about their money transfers, which can support the country’s declining economy. The ACE Money Transfer and Bank Alfalah campaign is a positive step towards reducing unregulated remittance in Pakistan. By empowering overseas Pakistanis to make informed decisions about their money transfers, the campaign is helping make Pakistan’s financial system more secure and efficient. The ACE Money Transfer and Bank Alfalah campaign is designed to educate Pakistani expats about the risks of unregulated remittance and the benefits of using formal channels to send money home. The campaign uses a variety of channels to reach its target audience, including social media, online advertising, and partnerships with community organisations. The campaign is also offering a number of incentives to encourage Pakistani expats to use formal channels. For example, ACE Money Transfer is offering fee-free money transfers to Pakistan from the UK, Europe, Canada, Australia, and Switzerland. Bank Alfalah is also offering a number of benefits to customers who receive remittances through their accounts, such as discounts on banking fees and waivers on minimum balance requirements. Besides, overseas Pakistanis will benefit from competitive exchange rates alongside the fee-free transfers despite the fact that the Pakistani rupee undergoes constant depreciation, losing its ground against various currencies frequently. The ACE Money Transfer and Bank Alfalah campaign is empowering Pakistani expats to make informed decisions about their money transfers. By educating them about the risks of unregulated remittance and the benefits of using formal channels, the campaign is helping them protect their money and support the Pakistani economy. The ACE Money Transfer and Bank Alfalah campaign is a commendable initiative that is making a real difference in the fight against unregulated remittances. The campaign is a shining example of how the private sector can play a leading role in addressing social and economic challenges. By working together, the private sector, the government, and civil society can make a real difference in the fight against unregulated remittances and other financial crimes. ACE Money Transfer (registered name “Aftab Currency Exchange Limited”), based out of Manchester, the UK, is a growing remittance provider. It offers impeccable online money transfer services to millions of Pakistani expatriates with an extensive network of 375,000+ locations spread across 100+ countries worldwide. The writer is CEO of ACE Money Transfer.