FBR Tightens Money Laundering Checks Across Pakistan

Notably, the Federal Board of Revenue (FBR) has tightened its monitoring framework for designated non financial businesses and professions to strengthen action against funds laundering and terrorist financing throughout Pakistan.

Key points

• In Karachi, supervision will cover cases falling under the Sizeable Taxpayer Office Karachi, Corporate Tax Offices and Regional Tax Offices.
• FBR has amended the Designated Non-Financial Businesses and Professions (DNFBP) Regulations, 2020, and reassigned supervisory jurisdictions among its officers.
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• FBR has defined supervisory responsibilities throughout Islamabad, Karachi, Lahore, Quetta and Khyber Pakhtunkhwa.

FBR has amended the Designated Non-Financial Businesses and Professions (DNFBP) Regulations, 2020, and reassigned supervisory jurisdictions among its officers. The changes are aimed at making oversight of DNFBPs more effective under the Anti-Money Laundering Act.

Under the revised framework, the Director General DNFBPs has been given supervisory authority nationwide. Directors, extra directors, deputy directors, assistant directors and inspectors have additionally been assigned powers to supervise DNFBPs within their respective jurisdictions.

FBR has defined supervisory responsibilities throughout Islamabad, Karachi, Lahore, Quetta and Khyber Pakhtunkhwa. In Islamabad, the jurisdiction covers cases under the Sizeable Taxpayer Office Islamabad, Regional Tax Offices in Rawalpindi and Islamabad, and Gilgit-Baltistan.

In Karachi, supervision will cover cases falling under the Sizeable Taxpayer Office Karachi, Corporate Tax Offices and Regional Tax Offices. The Lahore jurisdiction will include cases in Sialkot, Gujranwala, Faisalabad, Sargodha, Multan, Sahiwal and Bahawalpur.

While in Khyber Pakhtunkhwa it covers cases falling under the Regional Tax Offices in Peshawar and Abbottabad, the revised arrangement assigns supervision in Quetta to cases under the Regional Tax Office Quetta. EV Tax Breaks Could Cost Govt Rs. 150 Billion A Year.

FBR has additionally retained flexibility to assign responsibility for a specific charge to any officer where necessary.

Meanwhile, the authority remarked the arrangement would allow it to manage DNFBP supervision and enforcement more effectively. Stay Connected with ProPakistani.

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Taken together, the developments around FBR Tightens Money Laundering Checks Across Pakistan point to a situation that is still moving, and the coming days should bring more clarity.