Jewellers, accountants, developers/builders: Certain officials empowered to monitor and document

ISLAMABAD: The Federal Board of Revenue (FBR) has empowered certain officials of the Directorate General of Intelligence and Investigation Inland Revenue, Regional Tax Offices, and Model Customs Collectorates to monitor and document jewellers, accountants, and developers/builders under the Anti-Money Laundering Act, 2010 for assisting the Directorate General of Designated Non-Financial Business and Professions (DNFBPs). According to the "implementation plan" of the Directorate General of DNFBPs issued to the field formations here on Wednesday, the officials of the Directorate General of Intelligence and Investigation Inland Revenue, the RTOs, and the officials of the Customs at Model Customs Collectorates would assist the DG DNFBPs in performing their duties and responsibilities.

The FBR has also authorised officials of the Directorate General DNFBPs to exercise powers of the Anti-Money Laundering Act, 2010, to take action against real estate agents, housing authorities, real estate developers/builders, property dealers, jewelers/gem dealers, and accountants involved in money laundering/suspicious transactions.

Under the AML Act, the said officials would have the authority to exercise the following powers and functions with respect to its reporting entities including licensing or registration of reporting entities; imposing any conditions to conduct any activities by reporting entities to prevent the offence of money laundering, predicate offence or financing of terrorism and issuing regulations, directions, and guidelines.

The officials of the Directorate General of DNFBPs would be empowered to carryout monitoring and supervising, including conducting inspections; compelling production of information relevant to monitoring compliance; impose sanctions, including monetary and administrative penalties to the extent and in the manners as may be prescribed, upon their respective reporting entity, including its directors and senior management and officers.

Under SRO 1319(1)12020 issued by the FBR, the Directorate General, DNFBPs established for performance of functions under Section 6A of the Anti-Money Laundering Act, 2010, shall consist of the director general; directors; additional directors; deputy directors; assistant directors, and Inland Revenue Audit Officers, Inland Revenue officers, superintendents and deputy superintendents Inland Revenue, senior auditors Inland Revenue, inspectors Inland Revenue, and officers of Inland Revenue with any other designation.

The directors, additional directors, deputy directors, assistant directors, and Inland Revenue Audit Officers, Inland Revenue Officers, Superintendents and Deputy Superintendents Inland Revenue, Senior Auditors Inland Revenue, Inspectors Inland Revenue, and officers of Inland Revenue with any other designation of the Directorate General DNFBPs, shall be subordinate to the Director General DNFBPs.

The Additional Directors, Deputy Directors, Assistant Directors and Inland Revenue Audit Officers, Inland Revenue Officers, Superintendents and Deputy Superintendents Inland Revenue, Senior Auditors Inland Revenue, Inspectors Inland Revenue and officers of Inland Revenue with any other designation of Directorate General DNFBPs shall be subordinate to the Director, DNFBPs, within whose jurisdiction they perform their functions.

Under the jurisdiction and powers of officers of the Directorate General DNFBPs, subject to the provisions of these regulations director general, directors, additional directors, deputy directors, assistant directors, and other officers of Directorate General of DNFBPs specified shall exercise such powers and perform such functions under the provisions of the Anti-Money Laundering Act, 2010, and rules and regulations made thereunder and shall have jurisdiction in respect of such DNFBPs or such areas as specified.

Copyright Business Recorder, 2021