The Federal Board of Revenue (FBR) has constituted a Multi Agency-Money Laundering (ML) Investigation and Confiscation Committee with the mandate to follow up the implementation of the National Anti-money Laundering plans and programs regarding ML investigations and confiscation of stolen assets.
In this connection, the FATF Cell of the FBR has recently issued a notification to effectively tackle the menace of money laundering and terrorist financing.
According to the notification, the committee would have representatives from the National Accountability Bureau (NAB), Federal Investigation Agency (FIA), Anti Narcotics Force (ANF), FBR-Customs, FBR-Inland Revenue, Financial Monitoring Unit, FATF Secretariat, along with the representatives of the provincial Counter-Terrorism Departments (CTD) and intelligence agencies. DG FATF Secretariat shall head the committee.
Under the Terms of Reference of the Multi-Agency ML Investigation and Confiscation Committee, the committee would ensure the cooperation and coordination mechanisms among member organizations and law enforcement agencies. The committee would also recommend improvements in overall domestic cooperation on ML investigations and confiscation matters through the exchange of information among the law enforcement agencies, FMU, intelligence agencies involved in such investigations.
The committee would discuss and review the progress of ML-related cases of each law enforcement agency pending at different legal fora in terms of progress regarding finalization of cases and confiscation of assets involved thereon. The committee has the mandate to follow up the implementation of the procedures relating to the international cooperation and exchange of information in the anti-money laundering field.
The committee has been empowered to discuss, review and recommend to the general committee (GC) regarding effective implementation of the emerging national and international trends, policy, developments, National AML Action Plan, joint operational action plan, staff training opportunities, resource allocations, and other technical requirements.
The committee would have the mandate to ensure coordination with the competent authorities to implement the provisions of legislation and agreements related to the anti-money laundering investigations and confiscation of assets involved in ML.
The committee would also prepare and follow up the implementation of the National Anti-money Laundering plans and programs regarding ML investigations and confiscation of stolen assets.