Islamabad: The Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has written another letter to the banks asking them to provide the details of bank accounts in order to ensure compliance with FATF requirements – a news source reported.
The letter states that all banks in Pakistan may engage in ‘Trust Activities’ under which they hold assets on behalf of individuals, trusts, retirement benefit funds and other institutions. However, the assets acquired through this method do not appear in the financial statements of the banks. This is despite the fact that the relevant ‘Off Balance Sheet’ details are reflected in the financial statements.
The letter further explained that it is imperative that FBR should have the appropriate details regarding such transactions in order to comply with various national and international requirements, including those set by the FATF. These details must include the identification of the people on behalf of whom such activities take place.
