ISLAMABAD: The Anti-Money Laundering Cell of the Directorate General Intelligence & Investigation – Inland Revenue Islamabad has started probing the financial affairs of persons having massive investments in crypto-currencies, including bit-coins.
Reportedly the tax evaders and fraudsters have found a new way of tax evasion and money laundering. They are buying bit-coins to launder the tax evaded money and in many cases parking of their black money out of Pakistan.
It is pertinent to mention that tax evasion is a predicate offence under the Anti Money Laundering Act, 2010, and the government of Pakistan has appointed the Directorate General I&I-IR as the investigating and prosecuting agency in cases of money laundering where tax evaded money is laundered or attempted to be laundered.
Trade of bit-coins (virtual currency/crypto-currency) is on rise in Pakistan, and during the initial inquiry, it was revealed that bit-coins are being traded in Pakistan mostly against cash. Present price of bit-coin is hovering around Rs200,000 and upon receipt of credible information, the Directorate undertook a search to trace and track the trade of bit-coins to nab culprits who are involved in the heinous crimes of tax evasion and money laundering.
Summons were issued to some of the major traders of bit-coins for further investigating their affairs, who are facilitating the trade of crypto-currencies without reporting it in their tax declarations. These individuals are the major traders of bit-coins.
