Nov 21

FBR starts air travelers’ monitoring to detect money launderers, drug smugglers

ISLAMABAD: Federal Board of Revenue (FBR) has launched passenger profiling system at international airports to curb money laundering and drug smuggling. A statement on Thursday said that Pakistan Customs, a wing of the FBR, has launched a specialized Risk Management System for passenger profiling at all major international airports in Pakistan. This exercise is part […]

by Mrs. Anjum Shahnawaz

Jewelers, real estate agents to maintain register, report suspicious transactions: draft rules issued

Nov 9

Taxation

Jewelers, real estate agents to maintain register, report suspicious transactions: draft rules issued

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to make mandatory for jewelers and real estate agents to report suspicious transactions. In this regard the FBR issued draft rules through SRO 1320(I)/2019 to make amendments in Income Tax Rules, 2002. As per the draft rules, the designated persons as jewelers and real estate agents […]

by Mrs. Anjum Shahnawaz

SBP emphasizes more efforts for taking Pakistan out of FATF grey list

Oct 29

Money & Banking

SBP emphasizes more efforts for taking Pakistan out of FATF grey list

KARACHI: Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) on Monday emphasized on putting more effort against money laundering and terrorist financing to ensure that Pakistan is out of grey list in the next meeting of FATF. While inaugurating the conference on Anti-Money Laundering (AML)/ Combating Financing of Terrorism (CFT) and Trade-Based Money Laundering […]

by Mrs. Anjum Shahnawaz

FBR may get trade details of past five years from customs clearing agents

Oct 27

Taxation

FBR may get trade details of past five years from customs clearing agents

In a bid to strengthen efforts against money laundering and enhance transparency in trade transactions, the Federal Board of Revenue (FBR) is reportedly considering a directive to customs clearing agents to furnish details of importers and goods declarations filed over the past five years.

by Mrs. Anjum Shahnawaz

FATF gives Pakistan four months to comply with action plan

Oct 18

Finance

FATF gives Pakistan four months to comply with action plan

ISLAMABAD: Financial Action Task Force (FATF) on Friday set a deadline of four months for Pakistan to improve action plan against laundering and terror financing. At a press conference in Paris, France the officials of FATF expressed concerns over implementation of action plan by the Pakistani authorities. FATF strongly urged Pakistan to swiftly complete its […]

by Mrs. Anjum Shahnawaz

Open account, advance payments considered as higher risk transactions for trade based money laundering

Oct 16

Money & Banking

Open account, advance payments considered as higher risk transactions for trade based money laundering

KARACHI: State Bank of Pakistan (SBP) has advised financial institutions dealing foreign exchange to enhance due diligence on higher risk transactions to stop trade based money laundering. The SBP on Tuesday issued Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing and said that banks and financial institutions should ensure that high […]

by Mrs. Anjum Shahnawaz

SBP issues framework for controlling trade based money laundering, terror financing

Oct 15

Money & Banking

SBP issues framework for controlling trade based money laundering, terror financing

KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued framework for controlling trade based money laundering and terror financing. In order to strengthen trade related Anti Money Laundering/Combating Financing of Terrorism (AML/CFT) regime and restrict possible misuse of banking channel, a comprehensive framework on the subject has been developed and attached herewith. Accordingly, Authorized […]

by Mrs. Anjum Shahnawaz

Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

Jun 16

2019-2020, Budget

Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

KARACHI: The government has taken harsh stance on money laundering through foreign trade and proposed 10 years imprisonment for persons involved besides confiscating consignments. The Finance Bill, 2019 proposed Section 32C to the Customs Act, 1969 related to mis-declaration of value for illegal transfer of funds abroad. The Finance Bill 2019, proposed to insert a […]

by Mrs. Anjum Shahnawaz

Pakistan Customs launches swift consignment clearance system to improve ease of doing business

May 13

Pakistan Customs, Taxation

Pakistan Customs launches swift consignment clearance system to improve ease of doing business

KARACHI: Pakistan Customs on Monday launched the swift consignment clearance software for improving ease of doing business and trading across the border indices of the country. The system namely ‘WeBOC Global’ was inaugurated by Member Customs Dr Jawwad Uwais Agha at Custom house, Karachi. He introduced the key features of the newly developed ICT system […]

by Faisal Shahnawaz

FBR sets up directorate to initiate legal action in suspicious transactions, stop currency smuggling

May 9

Pakistan Customs, Taxation

FBR sets up directorate to initiate legal action in suspicious transactions, stop currency smuggling

ISLAMABAD: Federal Board of Revenue (FBR) has established Directorate of Cross Border Currency Movement (CBCM) to stop individual and trade based money laundering and initiate legal action in suspicious transactions. The directorate shall be function under administrative control of the Directorate General of Intelligence and Investigation, Customs, a notification said on Thursday. According to its […]

by Faisal Shahnawaz