Worked tirelessly to exit FATF grey list: FBR

Vows to combat crimes of money laundering, terror financing

ISLAMABAD:

Chairman Federal Board of Revenue (FBR) Asim Ahmad on Saturday congratulated all the government organisations and their key personnel, including the officers of the Inland Revenue Service and Pakistan Customs, who worked tirelessly to remove Pakistan from the Financial Action Task Force (FATF)’s grey list.

The FBR chairman reiterated his unflinching resolve and commitment to continue implementing anti-money laundering measures and combating terror financing regimes in the areas supervised by the FBR, stated a press statement.

Like many other government organisations, the FBR has played a key role in completing the FATF action plans relating to the Designated Non-Financial Businesses and Professions (DNFBPs), cash smuggling, investigating tax crimes for money laundering and confiscating the proceeds of tax frauds, it read.

In 34 items of the FATF action plans, FBR has directly dealt with at least eight actions and spearheaded the process of their implementation, he said adding that in order to ensure compliance with regard to DNFBPs, the FBR has issued anti money laundering and counter terror financing regulations, and conducted extensive outreach programs to educate about DNFBPs.

“The FBR also established a dedicated IT-based DNFBP management system, launched a customised mobile app for registrations and screening purposes, carried out a large number of onsite inspections and imposed a wide range of penalties for non-compliance,” he added.

Similarly, he said that in the area of cash smuggling, FBR customs fortified cross-border controls and implemented a comprehensive mechanism to combat cash smuggling by all means possible.

Published in The Express Tribune, October 23^rd, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.