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Anti-Money Laundering Act: FBR urged to compile list of tax offences

Anti-Money Laundering Act: FBR urged to compile list of tax offences

ISLAMABAD: The Finance Division has asked the Federal Board of Revenue (FBR) to provide a list of serious tax crimes related to sales tax, income tax and FED to be declared as predicate offences under Anti-Money Laundering Act, 2010. In this regard, the Finance Division will convene a meeting of the working group to decide about serious Inland Revenue and Customs related crimes under Anti-Money Laundering Act, 2010.

As per details, the board has identified 26 serious tax crimes related to sales tax, income tax and federal excise duty to be declared as predicate offences under AML Act. To implement Financial Action Task Force Recommendations (FATF), Financial Monitoring Unit (FMU), State Bank of Pakistan, has approached the FBR to specify the tax crimes under all three Inland Revenue Laws, i.e, Sales Tax Act, 1990, Income Tax Ordinance, 2001 and Federal Excise Act, 2005, for inclusion as predicate offences under the Anti-money Laundering Act, 2010.

It has been decided that the FBR (IRS and Customs) will furnish separate list of serious tax and custom related offences at the earliest for consideration by the working group. The working group will finalise the list of tax and customs crimes for designating them as predicate offences under Anti Money Laundering Act, 2010 and placing the list before general committee.