Islamabad: The Federal Board of Revenue (FBR) on Thursday notified Forfeiture of Property Rules, 2021; authorizing customs officials to freeze/forfeit to the government both movable and immovable properties found to be acquired through smuggling, a news source reported.
The new property forfeiture regulations prohibit the holding of assets acquired through smuggling by any individual in his name or any of his associate. Persons found in possession of such assets will be required to forfeit the said properties to the federal executive under the Customs Act, 1969.
The designated officers will dispose of the forfeited asset(s) following the completion of all legal formalities. In case of movable property, a public auction will be held under Chapter V (Auction) of the Customs Rules, 2001, whereas the disposal of immovable property will be conducted as per Chapter XI (Recovery of Arrears), Part III and Part IV, of the Customs Rules, 2001.
As part of investigation into smuggling offence, the officer concerned will ‘trace and identify assets for the purpose of forfeiture by the special judge, regarding which suspicion arises of having been acquired by any person through proceeds of smuggling and holds them either directly in his name or indirectly in the name of his relatives or associates’ – as per the news source.
