Financial Action Task Force’s standards, the Federal Board of Revenue (FBR) has assigned five more Directors and three Assistant Directors to various offices of the Directorate General of Designated Non-Financial Business and Professions (DNFBPs) (FATF).
The FATF uses the term ‘DNFBP’ to describe non-financial sector businesses that represent a risk of money laundering and terrorist financing. The DNFBPs should be subject to the same risk-based Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) compliance laws as banks and other financial institutions, according to the report. Transaction monitoring, reporting, and record-keeping are all covered by these rules.
DNFBPs have authority over real estate developers and agents, precious metal and stone dealers, law companies, notary firms, and other independent legal enterprises, accounting firms, audit firms, and corporate service providers. These industries often conduct transactions worth billions of rupees with a single consumer without keeping track of the transaction. As a result, these occupations have been linked to money laundering and terrorist funding.
Riaz Muhammad, Additional Director Directorate General of Intelligence & Investigation (Inland Revenue) Islamabad, has been appointed as Additional Director DNFBPs, according to the FBR notice. Dr. Farzana Altaf, Additional Commissioner Regional Tax Office I Karachi, has been moved to the DNFBPs, Karachi, as an Additional Director. Saima Munawar, Additional Director of the Directorate of Internal Audit (Inland Revenue), Lahore, has been promoted as Additional Director of DNFBPs, Lahore.
Two Pakistan Customs Services (PCS) BS-19 officials have also been assigned to the DNFBP offices as Additional Directors.
Mateen Alam, the Additional Collector of the Collectorate of Customs Enforcement Lahore, has been moved and placed as the Additional Director of the Directorate of DNFBPs, Khyber Pakhtunkhwa, according to the notice. Aftab Ullah Shah, the Additional Collector of the Collectorate of Customs Appraisement in Quetta, has also been shifted to the Directorate of DNFBPs in Quetta.
Three BS-17 officials from the Internal Revenue Service were also assigned to various DNFBP offices as Additional Directors.
Khadija Shakeel, Assistant Commissioner Corporate Tax Office Lahore, has been shifted to the DNFBP office in Lahore as an Assistant Director. Aimen Arshad, Assistant Commissioner (Prob) of the Regional Tax Office in Islamabad, has been shifted to the DNFBP’s Islamabad office as Assistant Director. Naveed Ali, Assistant Commissioner of the IR Regional Tax Office II in Karachi, has been reassigned to the DNFBP office in Karachi as Assistant Director.
Officers who were receiving performance allowance prior to the publication of this notice will continue to receive it in their new locations.
The FBR further said that the above-mentioned officials should transmit charge assumptions to it as soon as they are made for recording and subsequent action.