ISLAMABAD: Like many other governmental organizations, the Federal Baord of Revenue (FBR) has played a key role in completing the 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 8 actions and spearheaded the process of implementation, according to 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 customized 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 has fortified cross-border controls and implemented a comprehensive mechanism to combat cash smuggling, by all means possible.
Likewise, FBR has also undertaken a large number of money laundering investigations against the tax crimes and has also made significant confiscations in this regard.
Meanwhile, Chairman FBR, Asim Ahmad felicitated all the government organizations and their key personnel including the relevant officers of Inland Revenue Service and Pakistan Customs who have worked tirelessly to complete the FATF actions.
The Chairman FBR reiterated FBR’s unflinching resolve and an unwavering commitment to continue with implementing the anti-money laundering and countering financing of terrorism regime in the areas supervised by FBR.
The Financial Action Task Force (FATF) acknowledging the completion of Pakistan’s both Action Plans (2018 and 2021) has authorized an onsite visit to the country, as a final step to exit from the FATF’s grey list.
The task force reviewed Pakistan’s progress on FATF Action Plans in its plenary meetings held in Berlin on 13-17 June 2022.
