ISLAMABAD: Like many other governmental organizations, the FBR has played a key role in completing the FATF actions related to DNFBPs, cash smuggling, investigating tax crimes for money laundering, and confiscating the proceeds of tax crimes. In the 34 actions of the FATF action plans, the FBR has directly dealt with at least 8 actions and spearheaded the process of implementation.
In order to ensure compliance with regard to DNFBPs, the FBR has issued AML/CFT regulations, conducted extensive outreach to educate DNFBPs, established a dedicated IT-based DNFBP Management System, launched customized mobile App for registrations and screening purposes, conducted a large number of onsite inspections, and imposed a wide range of penalties for noncompliance.
Similarly, in the area of cash smuggling, the FBR Customs has fortified cross-border controls and implemented a comprehensive mechanism to combat cash smuggling, by all means possible.
Likewise, FBR has also undertaken a large number of money laundering investigations against tax crimes and has also made significant confiscations in this regard.
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Asim Ahmad, Chairman FBR/Secretary Revenue Division, has felicitated all the government organizations and their key personnel including the relevant officers of Inland Revenue Service and Pakistan Customs who have worked tirelessly to complete the FATF actions. The Chairman FBR reiterated the FBR’s unflinching resolve and an unwavering commitment to continue implementing the anti-money laundering and countering the financing of terrorism regime in the areas supervised by the FBR.
Copyright Business Recorder, 2022
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