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ISLAMABAD: The Federal Board of Revenue (FBR) has constituted a Multi-Agency Money Laundering (ML) Investigation and Confiscation Committee to monitor the progress of disposal of assets involved in ML, confiscated through legal process, and deposit of the recovered amount into the national exchequer.

In this regard, the FATF Cell of the FBR has recently issued a notification to effectively tackle the menace of money laundering and terrorist financing.

The committee will have representatives from the National Accountability Bureau (NAB), the Federal Investigation Agency (FIA), the Anti-Narcotics Force (ANF), the FBR-Customs, the FBR-Inland Revenue, the Financial Monitoring Unit, the FATF Secretariat, representatives of the provincial Counter-Terrorism Departments (CTDs), and representatives of the intelligence agencies.

The committee shall be headed by the DG FATF Secretariat.

Under the Terms of Reference of the Multi-Agency ML Investigation and Confiscation Committee, the committee would ensure the cooperation and coordination mechanisms among member organisations and law enforcement agencies.

The committee will also recommend improvements in overall domestic cooperation on ML investigations and confiscation matters through exchange of information among the law enforcement agencies, the FMU, intelligence agencies involved in such investigations.

The committee will discuss and review the progress of ML-related cases of each law enforcement agency pending at various legal for a, in terms of progress regarding finalisation of cases and confiscation of assets involved thereon.

The committee has the mandate to follow up the implementation of the procedures relating to the international cooperation and exchange of information in the anti-money laundering field.

The committee has been empowered to discuss, review and recommend GC regarding effective implementation of the emerging national and international trends, policy, developments, National AML Action Plan, joint operational action plan, staff training opportunities, resource allocations, and other technical requirements.

The committee will prepare and follow up the implementation of the National Anti-Money Laundering plans and programmes regarding ML investigations and confiscation of stolen assets.

The committee will have the power to ensure coordination with the competent authorities to implement the provisions of legislation and agreements related to the anti-money laundering investigations and confiscation of assets involved in ML.

Copyright Business Recorder, 2021

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