Apr 23

DG Customs Valuation assigned task to stop trade based money laundering

ISLAMABAD: Directorate General of Customs Valuation has been assigned to stop trade based money laundering through effective monitoring of goods clearance specially those goods having lower duty rates or exempt from duty and taxes. The Federal Board of Revenue (FBR) on Friday issued SRO 503(I)/2021 to redefine functions of the Directorate General of Customs Valuation. […]

by Mrs. Anjum Shahnawaz

SBP issues common red flag indicators for trade based money laundering

KARACHI: State Bank of Pakistan (SBP) has issued common red flag indicators for banks to take care in avoiding trade based money laundering and terrorist financing. Following are the common Red Flag indicators: i. Obvious over or under/over pricing of goods (significant discrepancies appear between the value of the goods reported on the invoice/EIF/MIF, EFE/MFE, […]

by Mrs. Anjum Shahnawaz

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