The Federal Board of Revenue (FBR) has established a dedicated cell to oversee compliance with actions mandated by the Financial Action Task Force (FATF).
The creation of this FATF Cell, as announced in a notification issued by the FBR on Thursday, signifies a commitment to ensuring the effective and timely completion of tasks outlined in the FATF-related action plan.
The newly formed cell will operate under the Director General of the Directorate General of Intelligence and Investigation, FBR, Islamabad. This strategic placement ensures a centralized and focused approach to handling FATF-related matters within the broader framework of intelligence and investigation.
The primary objective of the FATF Cell is to serve as the central point of coordination for all activities related to customs compliance concerning FATF issues. This encompasses a range of measures aimed at preventing and combating money laundering and the financing of terrorism, aligning with the global standards set by the FATF.
To enhance the functionality of the FATF Cell, the FBR has outlined its responsibilities, which include seeking information required for FATF-related work from FBR head offices, tax offices, and records of meetings. This collaborative approach ensures that the cell has access to relevant data and insights needed to fulfill its mandate effectively.
Recognizing the sensitivity and importance of FATF-related matters, the heads of field formations and directorates have been instructed to create an enabling environment for the newly established unit. This directive reflects the FBR’s commitment to providing the necessary support and resources to ensure the success of the FATF Cell in executing its responsibilities.
To lead the FATF Cell, the FBR has appointed five officers, with Abdul Waheed Marwat, a BS-20 officer, heading the team. This leadership appointment underscores the significance of expertise and experience in handling matters related to financial compliance and intelligence.
The establishment of the FATF Cell comes at a crucial time as nations globally intensify efforts to meet FATF standards and enhance measures to combat financial crimes. By creating a dedicated unit, the FBR is signaling its proactive stance in aligning with international best practices and demonstrating a commitment to global initiatives aimed at strengthening financial systems and security.
As the FATF continues to play a central role in setting global standards for anti-money laundering and countering the financing of terrorism, the establishment of the FATF Cell positions Pakistan to actively contribute to and benefit from the evolving international landscape of financial regulation and compliance.