FBR Chairman Reiterates Commitment to Implement AML/CFT Regime after FATF Success

Federal Board of Revenue Chairman Asim Ahmad Friday felicitated all the government organizations including the relevant officers of the Inland Revenue Service and Pakistan Customs who have worked tirelessly to complete the Financial Action Task Force (FATF) actions.

The chairman reiterated FBR’s resolve and commitment to continue implementing the anti-money laundering and countering the financing of terrorism regime in the areas it supervises.

The statement issued by FBR said, “Like many other governmental organizations, FBR has played a key role in completing the FATF actions related to DNFBPs, cash smuggling, investigating tax crimes for money laundering, and confiscating the proceeds of tax crimes. In the 34 actions of the FATF action plans, FBR has directly dealt with at least 8 actions and spearheaded the process of implementation.”

To ensure compliance concerning DNFBPs, FBR has issued AML/CFT regulations, conducted extensive outreach to educate DNFBPs, established a dedicated IT-based DNFBP Management System, launched a customized mobile app for registrations and screening purposes, conducted a large number of onsite inspections, and imposed a wide range of penalties for non-compliance, the statement added.

It further said that in the area of cash smuggling, FBR Customs has fortified cross-border controls and implemented a comprehensive mechanism to combat cash smuggling, by all means possible.

Further, FBR has also undertaken a large number of money laundering investigations against tax crimes and has also made significant confiscations in this regard.