FBR unearths money laundering of Rs1.4b

ISLAMABAD: In order to comply with the requirements of Financial Action Task Force (FATF), the FBR has unearthed money laundering of billions of rupees whereby the primary accused possessed more than 50 local and foreign bank accounts.

On the direction of Chairman Federal Board of Revenue (FBR), the Directorate General Intelligence & Investigation Inland Revenues has initiated a vigorous campaign against anti-money laundering, targeting suspected persons having suspicious banking transactions.

The Suspicious Transactions Report (STR) in one such case (primary accused) was received. The tax profile of the person was examined, which showed that he is a service provider with different business names. Moreover, he remained filer since 2011 onward with minimal income declarations. The person was confronted to explain the sources of suspicious bank transactions amounting to Rs1.1 billion. However, he failed to explain the same despite provision of enough opportunities. The investigation report in the case was forwarded to RTO, Islamabad and tax to the tune of Rs409.4 million was imposed.

Subsequently, another STR of his associate (employee/confidant) was received with suspicious bank credit entries at Rs329 million. The taxpayer was confronted and during the course of investigation, he admitted that he is working on behalf of the primary accused.

The aforementioned suspected persons have been operating more than 50 bank accounts (local as well foreign currency accounts) having suspicious transactions of more than Rs1.4 billion. The examination of tax declarations showed that the tax contribution of the suspected persons is minimal.

Complaint under section 8of the Anti-Money Laundering Act (AMLA), 2010 has been filed against both the accused by the Directorate Intelligence & Investigation, Islamabad. In another action, around 80 cartons of counterfeit/ non-duty paid cigarettes are impounded in a raid in Peshawar.

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