The Federal Board of Revenue (FBR) has unearthed billions of rupees money laundering scam after following Suspicious Transactions Report (STR) of different suspected person having suspicious transactions.
In order to meet the requirement of Financial Action Task Force (FATF), on the direction of federal government and FBR, the Directorate General Intelligence and Investigation has initiated a vigorous campaign against Anti-Money Laundering, targeting suspected persons having suspicious banking transactions.
According to an FBR press statement, in one case, when the tax profile of a person was examined, it showed that he was a service provider with different business names. Moreover, he remained filer since 2011 onward with minimal income declarations.
When the person was confronted to explain the sources of suspicious bank transactions amounting to Rs1.1 billion, 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 Rs409.4 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 were impounded in a raid in Peshawar.