KARACHI: Directorate General of Intelligence and Investigation (DGI&I) Inland Revenue has launched an investigation into money laundering cases of suspected persons, official sources have revealed.
An official at the directorate has revealed that the authorities were investigating Section 111 of the Income Tax Ordinance, 2001 regarding concealed and unexplained income by identified persons.
The official said that the details of bank accounts of the persons had been obtained to determine the transactions, where accused persons declared those incomes received under foreign remittances.
Under the prevailing income tax law, persons receiving foreign remittances are exempted from declaring the source of income. Sources in the FBR said that the concession was grossly misused and opened the door for money laundering through different channels.
The DGI&I, Karachi is finalising such a case where a person has over Rs 450 million in bank account and during investigation the amount was declared as foreign remittance received by the person.
However, the FBR intelligence claimed that such an amount was received through hundi/hawala and was taking advantage of the concessionary regime allowed to foreign remittances. FBR officials obtained details of bank account of the person and also requested the State Bank of Pakistan to share information about the remittances received by the person.
