Rs1.4 billion money laundering unearthed, says FBR
According to the FBR, action was taken by the Directorate General of Intelligence and Investigation, Islamabad, against some people on the basis of suspicious bank transactions. The FBR said it was found during review of tax profile of a suspicious man that he was providing professional services to people using different business names.
The suspect could not explain a Rs1.1 billion bank transaction and sources of his income, the FBR said. The FBR said it has been found that an associate of the suspect made a Rs329 million bank transaction, which was suspicious. Both these men were working together and they have more than 50 accounts in Pakistan and foreign banks, the FBR said.
A complaint has been registered against both these men under the Anti-Money Laundering Act, 2010, the FBR concluded.
The news comes at a time when Pakistan is strengthening its laws to stop money laundering and terror financing in line with the requirements of the Financial Action Task Force (FATF). The FATF had put Pakistan on its grey list due to money laundering and terror financing concerns a couple of years ago. The country is still struggling to get out of the grey list.