FBR Implemented Eight of 34 FATF Action Plans

The Federal Board of Revenue (FBR) has directly dealt with at least eight of the 34 items of the Financial Action Task Force (FATF) action plans and spearheaded the process of their implementation. Like other governmental organizations, the FBR has played a key role in completing the FATF action plans relating to Designated Non-Financial Businesses and Professions (DNFBPs), cash smuggling, investigating tax crimes for money laundering, and confiscating the proceeds of tax fraud. In order to ensure compliance with regard to DNFBPs, FBR has issued Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations, conducted extensive outreach programs to educate about DNFBPs, established a dedicated IT-based DNFBP Management System, launched a customized mobile App for registration and screening purposes, carried out a large number of onsite inspections, and imposed a wide range of penalties for non-compliance. Similarly, 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. Likewise, FBR has also undertaken a large number of money laundering investigations against tax crimes and made significant confiscations in this regard. The FBR dedicated one of its senior officers, Mohammad Iqbal, who made significant contributions to the completion of the FATF action plans while on deputation in the National Counter Terrorism Authority (NACTA) for three years and later supervised DNFBP tasks. Mr. Asim Ahmad, Chairman of FBR/Secretary Revenue Division, has felicitated all the government organizations and their key personnel, including the concerned officers of Inland Revenue Service and Pakistan Customs, who have worked tirelessly for the exit from the FATF grey list. The Chairman of the FBR reiterated FBR’s unflinching resolve and unwavering commitment to continue implementing the anti-money laundering and combating financing of terror regime in the areas supervised by FBR.