KARACHI: The Federal Board of Revenue (FBR) has asked the banks to give details of suspicious transactions, including foreign trade, detected under anti-money laundering laws.
According to the official sources, the revenue authority took the step to curb increasing tax evasion.
“State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) have already agreed, under the national action plan, to exchange information to stop terror financing and prevent revenue losses,” said sources.
Under the decision, the banks are also bound to provide details to the respective authorities, including the financial monitoring unit (FMU) of the ministry of finance, they added.
