Around 152,518 financial information of Pakistan tax residents received so far
Around 152,518 financial information of Pakistan tax residents have been received through Common Reporting Standard Exchange (CRSE) on various dates – from October-2018 onwards.
This data is being analyzed from taxation point of view and it has been shifted to identify in first instance, cases which are of a million or above US Dollar.
In response to a question about accounts of Pakistanis found in different countries recently, sources at Finance and Revenue Division on Sunday said these would be investigated by six Offshore Taxation Commissionarates, established all across the country.
The sources said further information/clarification is being sought from relevant countries in cases which require more data for analysis.
Highlighting the steps taken so far by all relevant stakeholders to prevent/curb money laundering, the sources said Anti-Money Laundering Ordinance has been promulgated which later on transformed into AML Act-2010 in line with recommendations of Financial Action Task Force (FATF) while an independent Financial Monitoring unit (FMU) has been established under AML Act. 2010 for receipt, analysis, analyzing and dissemination suspicious and currency transaction reports to designated entities.
The sources said under AML-Act, 2010, investigation and prosecution powers have been assigned to National Accountability Bureau (NAB), Anti-Narcotics Force (ANF), Federal Investigation Agency (FIA), Director General Costumes-FBR & DG Inland Revenue-FBR and designated as Law Enforcement Agencies (LEAs). Similarly, the sources said to further align AML- Act, 2010 with international standards, amendments were made which related to inclusion of Tax Offences and strengthening role and functions of National Executive Committee (NEC), headed by Finance Minister and General Committee (GC), headed by Finance Secretary by giving representation to all stakeholders of AML/CFT regime in Pakistan.
The other steps included: entering into Memorandum of Understanding (MoU) with Iran, Turkey, Sri Lanka and Turkmenistan on cooperation in exchange of financial intelligence related to money laundering, associated predicate offences and terrorism financing while in order to ensure implementation of AML/CFT measures, State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP), being regulators, issued exclusive regulations on Customer Due Diligence (CDD) and Know Your Customer (KYC) and other AML/CFT instructions to financial institutions in line with FATF standards.
The sources said to strengthen capabilities in field of AML/CFT of LEAs, regulators, judges, prosecutors and reporting entities, capacity building programmes/trainings were also arranged.
Also conducted a National Risk Assessment (NRA) on Money Laundering and Terrorist Financing which identified ML/TF risks in country, established National Task Force on countering financing of terrorism in National Counter Terrorism Authority (NACTA) to coordinate with Federal Provincial LEAs and Counter Terrorism Departments (CTDs) to counter money laundering and terrorist financing as well as capacity building of all stakeholders by conducting seminars, workshops etc. to implement FATF Action Plan.
Issued revived guidelines to Banks DFIs MFBs on compliance of Government of Pakistan notifications issued under UNSC resolution including possible proliferation financing activities.
Also issued revised guidelines to Exchange Companies on compliance of Government of Pakistan notification issued under UNSC resolutions.
Issued revised Fitness and Proprietary Test (FPT) Criterion for Sponsors Shareholders/ Beneficial owners, Directors, Key Executives (Persons subject to FPT) – updated with regard to AML/CFT obligations. Issued revised AML/CFT Regulations for Banks/DFIs in light of FATF recommendations. SBP has allowed Authorized Dealers to make remittances on behalf of Hajj Group/Umrah Organizers directly to vendors/service providers in Saudi Arabia which were previously being made through informal channels (Hundi/Hawala) or being taken out in cash.—APP