ISLAMABAD: Federal Board of Revenue has directed the Directorate General Intelligence and Investigation Inland Revenue to take strict action on the predicate offences recently added to the Anti-Money Laundering Act-2010 regarding the income tax evasion like false statement in verification where tax sought to be evaded is ten million rupees or more, concealment of Income where tax sought to be evaded is ten million rupees or more and improper use of National Tax Number Certificate where tax sought to be evaded is ten million rupees or more. According to the sources, FBR instructed Directorate I&I IR to make all efforts to control money laundering in the country. It is pertinent to mention here that Pakistan promulgated its first money laundering law in form of Anti-Money Laundering Ordinance in 2007 which was reframed in form of Anti-Money Laundering Act-2010. According to AML Ac t-2010, offence of money laundering includes that a person shall be guilty of offence of money laundering if he acquires, converts, possesses, uses or transfers a property knowing or having reason to believe that such property is proceed of crime or a person conceals or disguises the true nature, original location, disposition, movement or ownership of a property, knowing or, having reason to believe, that such property is proceed of crime.
Money laundering is the process of disguising the proceeds of crime and moving value through the use of any medium like trade, investment in real estate etc. in an attempt to legitimize their illegal origins.
