Asim Ahmed, Chairman of the Federal Board of Revenue (FBR), inaugurated the Secretariat of the Anti-Benami Adjudicating Authority in Islamabad on Wednesday. This milestone event is expected to enhance the efficiency and effectiveness of the Authority in combating benami transactions and illegal asset holdings.
The inauguration ceremony was attended by prominent officials, including Chairman of the Anti-Benami Adjudicating Authority Muhammad Ali, Member FATE & Director General Anti Benami Initiatives Syed Nadeem Hussain Rizvi, Member Administration Bakhtiar Muhammad, and other members and officers of the FBR.
During the event, Chairman Muhammad Ali briefed the attendees about the performance of the Authority. He highlighted that the Anti-Benami Adjudicating Authority had decided 68 references out of 95 references submitted so far. These references involved investigations into benami (anonymous) properties and transactions.
Out of the 68 decided references, the Authority declared movable and immovable properties in 52 references as benami. The declared value of these properties is Rs. 15 billion, though their market value is significantly higher. This underscores the extensive impact of the Authority’s efforts in identifying and adjudicating benami assets.
Chairman Asim Ahmed emphasized the importance of the new Secretariat, noting that its establishment would significantly enhance the operational efficiency of the Anti-Benami Adjudicating Authority. “The inauguration of this Secretariat marks a significant step forward in our fight against benami transactions. It will streamline the processes and enable the Authority to operate more effectively,” he stated.
The Anti-Benami Adjudicating Authority was established under the Benami Transactions (Prohibition) Act, 2017, with the mandate to address benami transactions and hold those responsible accountable. The Authority investigates and adjudicates cases where properties are held by one person but paid for by another, often to conceal illegal assets or evade taxes.
The establishment of the Secretariat is seen as a strategic move to bolster the Authority’s capabilities. With dedicated resources and streamlined operations, the Secretariat aims to expedite the processing of cases and enhance the enforcement of benami laws.
Syed Nadeem Hussain Rizvi, Member FATE & Director General Anti Benami Initiatives, highlighted the ongoing efforts to strengthen the legal and administrative framework for combating benami transactions. He reiterated the FBR’s commitment to transparency and accountability in property holdings.
The participants at the ceremony expressed optimism that the new Secretariat would play a crucial role in curbing benami practices, promoting legal asset holdings, and contributing to the country’s economic stability.
As the Anti-Benami Adjudicating Authority moves forward with its enhanced capabilities, it aims to create a more transparent and accountable financial environment in Pakistan. The FBR’s leadership and support are pivotal in this endeavor, ensuring that the Authority can effectively fulfill its mandate and uphold the rule of law.
This initiative is part of the broader efforts by the FBR to strengthen governance and combat financial crimes, reflecting the government’s commitment to promoting integrity and fairness in economic transactions.