{"id":61949,"date":"2020-02-26T14:56:51","date_gmt":"2020-02-26T09:56:51","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61949"},"modified":"2020-02-26T14:56:52","modified_gmt":"2020-02-26T09:56:52","slug":"fbr-enforce-fatf-recommended-measures","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-enforce-fatf-recommended-measures.html","title":{"rendered":"FBR to implement anti-money laundering measures in line with FATF recommendations"},"content":{"rendered":"\n

Islamabad: The Federal Board of Revenue (FBR) has announced its decision to implement new measures in a bid to curb money laundering practices in the country, a news source reported. The taxation agency plans to introduce these policies in order to fulfill the requirements communicated by the Financial Action Task Force (FATF).<\/a><\/p>\n\n\n\n

To this effect, the authorities concerned are expected to conduct stern inspections at the country\u2019s airports and borders to check all instances of foreign currency smuggling.<\/p>\n\n\n\n

Read: <\/strong>Pakistan successfully defends compliance before FATF<\/a><\/p>\n\n\n\n

The government has\nalready imposed penalties on smuggling of cash currency worth USD 10,000-200,000\nand above \u2013 with fines equaling 10 times the value of the currency. It has\nfurther announced prison sentence of up to 14 years.<\/p>\n\n\n\n

Penalties were greatly enhanced for criminal activities such as smuggling of precious stones, dollars and jewellery under the Tax Laws (Second Amendment) Ordinance 2019. The FBR had sorted the currency carriers into various categories.<\/p>\n\n\n\n

Read: <\/strong>Turkey to help Pakistan stay off the FATF Grey List<\/a><\/p>\n\n\n\n

In accordance with the\nlaw, a person can carry foreign currency of up to USD 10,000, and the customs\nare empowered to seize any amount exceeding this figure. For a foreign currency\nfigure ranging from USD 20,001 to USD 50,000, fines as well as imprisonment of\nup to two years will be enforced.<\/p>\n\n\n\n

Similarly, for the foreign currency value amounting from USD 50,001 to USD 100,000, the penalty enforced could be four times of the seized amount with imprisonment of up to seven years. Finally, if the currency confiscated is over and above USD 200,000 the penalty enforced would be 10 times the value of the amount and imprisonment sentence would be up to 14 years.<\/p>\n\n\n\n

Read: <\/strong>FBR identifies cases of money laundering in remote areas<\/a><\/p>\n\n\n\n

With regard to the smuggling of precious stones and gold\/jewellery, the commodities would be seized and corresponding amount of penalty would be enacted. These penalties were elevated in accordance with the FATF requirements. The Customs Department has already commenced with a crackdown against smugglers at the country\u2019s borders and airports.<\/p>\n\n\n\n

Earlier, the FBR had recommend imprisonment for \u2018trade-based money laundering’, which involves deliberate undervaluation of funds transferred abroad and also presentation of provisional evaluation of export goods. Moreover, the federal institution seeks to implement other measures to curtail money laundering.<\/p>\n\n\n\n

Read: <\/strong>FBR identifies cases of money laundering in remote areas<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) has announced its decision to implement new measures in a bid to curb money laundering practices in the country, a news source reported. The taxation agency plans to introduce these policies in order to fulfill the requirements communicated by the Financial Action Task Force (FATF). To this effect, the authorities concerned are expected to conduct stern inspections at the country\u2019s airports and borders to check all instances of foreign currency smuggling. Read: Pakistan successfully defends compliance before FATF The government has already imposed penalties on smuggling of cash currency worth USD 10,000-200,000 and above \u2013 with fines equaling 10 times the value of the currency. It has further announced prison sentence of up to 14 years. Penalties were greatly enhanced for criminal activities such as smuggling of precious stones, dollars and jewellery under the Tax Laws (Second Amendment) Ordinance 2019. The FBR had sorted the currency carriers into various categories. Read: Turkey to help Pakistan stay off the FATF Grey List In accordance with the law, a person can carry foreign currency of up to USD 10,000, and the customs are empowered to seize any amount exceeding this figure. For a foreign currency…<\/p>\n","protected":false},"author":77,"featured_media":25713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15017],"tags":[12691,3362,12406,12316,7953],"persona":[],"class_list":{"0":"post-61949","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-notices-announcements","9":"tag-details-on-fbr-calls-session-to-review-progress-on-fatf-action-plan","10":"tag-fbr","11":"tag-fbr-forms-fatf-cell-to-curb-money-laundering","12":"tag-fbr-warns-business-community-against-smuggling","13":"tag-money-laundering","14":"cat-15015-id","15":"cat-15017-id"},"acf":[],"yoast_head":"\nFBR to strictly enforce FATF recommended measures - Zameen News<\/title>\n<meta name=\"description\" content=\"The Federal Board of Revenue (FBR) has announced its decision to implement new measures in a bid to curb money laundering practices in the country.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-enforce-fatf-recommended-measures.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR to strictly enforce FATF recommended measures - 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