FBR forms directorate to eradicate money laundering

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ISLAMABAD: Federal Board of Revenue has formed a directorate to curb money laundering, according to a notification issued by the top revenue collection body on Friday.

The newly constituted Directorate of “Cross-border Currency Movement” will investigate cases pertaining to money laundering charges and it would function under the Customs Intelligence, the notification read.

It will prepare reports on suspicious transactions and currency smuggling and will table it to Finance Management Unit. Moreover, it will also investigate cases pertaining to money laundering charges.

Earlier, Shabbar Zaidi formally took charge as the new chairman of Federal Board of Revenue (FBR).

Zaidi expressed that he will try to bring those persons in tax net that are currently giving zero tax to the government. He said taxpayers will not be given trouble.

Zaidi said FBR staff is hardworking, adding that he will try to move with the same staff.

The new FBR chief said that delivery speed has to be fast and new reforms have to be introduced in the department. He said there was a need to make a database for those transactions which have no records available.

He said in the current system outer transactions cannot come into the system adding that automatic tax system needs to be introduced through automation of economic transactions.