Islamabad: The Federal Board of Revenue (FBR) has set up a Financial Action Task Force (FATF) Cell to curb money laundering and to implement the action plan earlier communicated by the force that is geared prevent the country’s descent into its ‘blacklist’ ranking, a news source reported.
For this end, Pakistan is required to comply with the force’s 27 points till September 2019. The cell will serve as the focal point for all FATF compliance related concerns, and may seek details from the FBR, its directorates, meeting records, and field formations.
As per the notification issued by the FBR, Intelligence and Investigation Customs Director General Abdul Waheed Marwat will supervise the functions of the FATF cell.
Among the conditions communicated by the force, four are linked with Customs regarding currency smuggling. On this front, the FBR has a vigorous plan in place under which it has installed the latest scanning equipment at all the entry and exit points throughout the country to stop the practice.
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