Like many other governmental organisations, the Federal Board of Revenue (FBR) has played a crucial role in completing the Financial Action Task Force (FATF) actions related to designated non-financial businesses and professions (DNFBP), cash smuggling, investigating tax crimes for money laundering, and confiscating the proceeds of tax crimes.
In the 34 actions of the FATF action plans, FBR directly dealt with at least eight actions and spearheaded the process of implementation, according to a press statement issued by the board here.
In order to ensure compliance with regard to DNFBPs, FBR has issued anti-money-laundering/combating the financial terrorism (AML/CFT) regulations, conducted extensive outreach to educate DNFBPs, established a dedicated IT-based DNFBP management system, launched a customised mobile app for registrations and screening purposes, conducted a large number of onsite inspections, and imposed a wide range of penalties for non-compliance.
Similarly, in the area of cash smuggling, FBR Customs fortified cross-border controls and implemented a comprehensive mechanism to combat cash smuggling, by all means possible.
Likewise, FBR has also undertaken several money-laundering investigations against tax crimes and has also made significant confiscations in this regard.
FBR Chairman Asim Ahmad felicitated all the government organisations and their key personnel, including the relevant officers of the Inland Revenue Service and Pakistan Customs who had worked tirelessly to complete the FATF actions. The chairman reiterated the institution’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 FBR.
The FATF on Friday acknowledged the completion of Pakistan’s both action plans (2018 and 2021) and authorised an onsite visit to the country, as a final step to exit from its grey list.