In order to meet the requirement of Financial Action Task Force, on the direction of Federal Government and Chairman Federal Board of Revenue, the Directorate General Intelligence and Investigation has initiated a vigorous Anti-Money Laundering campaign, targeting suspected persons having suspicious banking transactions.
According to the FBR, Suspicious Transactions Report 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.
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 409.4 million rupees was imposed.
Subsequently, another STR of his associate (employee/confidant) was received with suspicious bank credit entries at 329 million rupees.
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 1.4 billion rupees.
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, 2010 has been filed against both the accused by the Directorate Intelligence 86 Investigation, Islamabad.
In another action, around 80 cartons of counterfeit and non-duty paid cigarettes are impounded in a raid in Peshawar.
Source: Radio Pakistan