PTI govt sets up unit to stop currency smuggling
Special cell will be established in it to probe money laundering in the garb of trade
A US Dollar note is seen in this Reuters illustration photo.
ISLAMABAD:
In a bid to implement the Financial Action Task Force (FATF) action plan, the federal government has issued directives for setting up the Directorate of Cross Border Currency Movement (DCBCM) to curb currency smuggling.
A special cell will be established in the directorate to investigate money laundering in the garb of trade.
The directorate will function under the Federal Board of Revenue’s (FBR) Directorate General of Intelligence and Investigation. Its office will also be set up at the Directorate General of Intelligence and Investigation.
According to documents available with The Express Tribune, the FBR has issued a four-page order for establishing the DCBCM. The head of the body will be a Grade-20 director, who will be the head of additional directors, assistant directors, deputy directors and other important staff, according to the copy of the notification.
The directorate will send its monthly reports to the Financial Monitoring Unit and the FBR. The special cell will analyse all data pertaining to imports and exports and initiate swift action against those suspected of being involved in money laundering.
While investigating money laundering, the investigation officer will have to focus on all aspects including past criminal record of the accused, his affiliation with any religious or political parties and his professional history. In currency smuggling cases, the aim of currency smuggling, money laundering, capital flight, Hundi, Hawala and all other aspects will be investigated.
Similarly, whether smuggling transactions are linked to terrorist financing or organisations banned by the UN will also be investigated.
“The list of these organisations is present on the National Counter Terrorism Authority (Nacta) website,” said the documents.
If any case displays features of terrorist financing or funding organisations proscribed by the UN, its report will immediately be submitted to the director of DCBCM.
Published in The Express Tribune, May 12th, 2019.
In a bid to implement the Financial Action Task Force (FATF) action plan, the federal government has issued directives for setting up the Directorate of Cross Border Currency Movement (DCBCM) to curb currency smuggling.
A special cell will be established in the directorate to investigate money laundering in the garb of trade.
The directorate will function under the Federal Board of Revenue’s (FBR) Directorate General of Intelligence and Investigation. Its office will also be set up at the Directorate General of Intelligence and Investigation.
According to documents available with The Express Tribune, the FBR has issued a four-page order for establishing the DCBCM. The head of the body will be a Grade-20 director, who will be the head of additional directors, assistant directors, deputy directors and other important staff, according to the copy of the notification.
The directorate will send its monthly reports to the Financial Monitoring Unit and the FBR. The special cell will analyse all data pertaining to imports and exports and initiate swift action against those suspected of being involved in money laundering.
While investigating money laundering, the investigation officer will have to focus on all aspects including past criminal record of the accused, his affiliation with any religious or political parties and his professional history. In currency smuggling cases, the aim of currency smuggling, money laundering, capital flight, Hundi, Hawala and all other aspects will be investigated.
Similarly, whether smuggling transactions are linked to terrorist financing or organisations banned by the UN will also be investigated.
“The list of these organisations is present on the National Counter Terrorism Authority (Nacta) website,” said the documents.
If any case displays features of terrorist financing or funding organisations proscribed by the UN, its report will immediately be submitted to the director of DCBCM.
Published in The Express Tribune, May 12th, 2019.