FBR Unearths Money-Laundering of Rs. 1.4 Billion

ISLAMABAD : In order to meet the requirement of Financial Action Task Force (FATF), on the direction of Federal Government and Chairman Federal Board of Revenue (FBR), the Directorate General Intelligence & Investigation has initiated a vigorous campaign against Anti-Money Laundering, targeting suspected persons having suspicious banking transactions.  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 Rs. 1.1 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 Rs. 409.4 million was imposed. Subsequently, another STR of his associate (employee/confidant) was received with suspicious bank credit entries at Rs. 329 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 Rs. 1.4 billion. The examination of tax declarations showed that the tax contribution of the suspected persons is minimal. Complaint under section 8 of the Anti-Money Laundering Act (AMLA), 2010 has been filed against both the accused by the Directorate Intelligence 86 Investigation, Islamabad. In another action, around 80 cartons of counterfeit/non-duty paid cigarettes are impounded in a raid in Peshawar.