ISLAMABAD: The Directorate General Intelligence and Investigation Inland Revenue has received reports from the Financial Management Unit (FMU) Karachi on a host of suspicious transactions.
After receiving the reports, Director General Intelligence and Investigation IR Kh Tanveer Ahmad has informed Federal Board of Revenue Chairman Dr Muhammad Irshad that a dedicated unit would be established within the I&I inland revenue to investigate the cases of money laundering and take them to their logical end.
Directorate General Intelligence and Investigation–IR is fully committed to making all-out efforts to control money-laundering in the country. Director General I&I IR observed that proceeds of crime are invested in the sectors where there are least documentation and it becomes easy to give legal cover to ill-gotten money. The serious threat posed by this menace to the very existence of the state and social fabric is paramount. He declared that major risk areas for money laundering in Pakistan include real estate dealers, trade-based money laundering, and financial sector. Chairman FBR has received the proposal and assured him of positive response. According to the proposal, the dedicated Anti-Money Laundering Unit will be headed by a dedicated Director AML at I&I Inland Revenue headquarters. A dedicated Additional Director (HQ) will be posted at Islamabad. She or he will be responsible for coordination with the regional directorates, and will act as a focal person for FMU, and will also be responsible for handling miscellaneous AML issues within the I&I-IR or with external agencies/departments.
In addition, three dedicated Additional Directors are required for postings at larger directorates i.e. one each at Lahore, Karachi, and Peshawar. Given the huge number of STRs pertaining to these directorates, these Additional Directors, solely looking after the matters of AML, will perform the important functions of supervision and effective handling of cases.
