Key Takeaways
- The Federal Board of Revenue (FBR) has amended regulations to tighten monitoring of non-financial businesses.
- Supervisory jurisdictions have been reassigned among FBR officers to enhance oversight.
- The new framework aims to better enforce the Anti-Money Laundering Act across Pakistan.
The Federal Board of Revenue (FBR) has taken steps to strengthen its monitoring framework for non-financial businesses and professions, aiming to combat money laundering and terrorist financing across Pakistan.
Under the revised framework, the Director General DNFBPs has been given supervisory authority across the country, with specific jurisdictions assigned to directors, additional directors, deputy directors, assistant directors, and inspectors.
In Islamabad, the jurisdiction covers cases under the Large Taxpayer Office Islamabad, Regional Tax Offices in Rawalpindi and Islamabad, and Gilgit-Baltistan. In Karachi, supervision will cover cases falling under the Large Taxpayer Office Karachi, Corporate Tax Offices, and Regional Tax Offices.
The Lahore jurisdiction includes cases in Sialkot, Gujranwala, Faisalabad, Sargodha, Multan, Sahiwal, and Bahawalpur. In Quetta, supervision will cover cases under the Regional Tax Office Quetta, while in Khyber Pakhtunkhwa, it covers cases falling under the Regional Tax Offices in Peshawar and Abbottabad.
The FBR retains flexibility to assign responsibility for a specific charge to any officer where necessary, ensuring effective management of DNFBP supervision and enforcement.
The changes are aimed at making oversight of DNFBPs more effective under the Anti-Money Laundering Act, with the new arrangement expected to improve the overall effectiveness of the FBR's efforts.
The FBR stated that the new framework would allow it to manage DNFBP supervision and enforcement more effectively, thereby strengthening its stance against money laundering and terrorist financing.
