Shell companies are considered the safest means to stash wealth created through criminal activities. Incorporation of shell companies is not illegal but they are normally formed in tax havens where…
The first meeting of the Financial Action Task Force (FATF) after Pakistan’s exit from the list of jurisdictions under increased monitoring (commonly known as the Grey List) was held from…
“The FATF welcomes Pakistan’s significant progress in improving its AML/CFT regime. Pakistan has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its…
For Pakistan, the outcome of the Financial Action Task Force’s (FATF) meeting, held in Berlin on June 17, 2022, was not different from the earlier ones—it continues to be among…
Pakistan was placed on the list of Jurisdictions under Increased Monitoring in 2018 by the Financial Action Task Force (FATF) due to deficiencies in its anti-money laundering and combating financing…
The real estate sector is an attractive sector for money launderers. They conceal their illegitimate earnings, disguising their identities and laundering funds. Financial Action Task Force (FATF) is considering revision…
In recent days, Federal Board of Revenue (FBR) has taken many steps to enforce internal accountability mechanism to uproot corruption/malpractices within the organisation. The steps like making Chief Commissioners as…
The Federal Finance and Revenue Minister Shaukat Tarin last week assured the businessmen that no notices will be issued by the Federal Board of Revenue (FBR) from 01 July as the…
Recommendation 18 of the Financial Action Task Force (FATF) requires that financial institutions should implement programmes against money laundering and terrorist financing and that financial groups should implement group-wide programmes…
Interestingly, FBR is not only collecting taxes but is also responsible for dealing with Anti-Money Laundering and Combating Financing of Terrorism (AML-CFT) matters of Designated Non-Financial Businesses and Professions (DNFBPs),…
