FBR tightens grip on jewelers, warns of bank account freeze

July 13, 2026 (MLN): The Federal Board of Revenue (FBR) has intensified its crackdown on jewelers across Pakistan, issuing official notices that warn of freezing and restricting their bank accounts.

While talks between the tax regulatory authority and industry representatives are ongoing, the FBR has continued to serve notices to enforce compliance with anti-money laundering regulations.

According to sources, the FBR has designated jewelers as Designated Non-Financial Businesses and Professions (DNFBPs), citing official documents.

Under various provisions of the Anti-Money Laundering Act, the authorities have mandated that all jewelers register with the FBR as non-financial business professionals.

The enforcement directives also require jewelers to provide complete access to their business records and allow on-site inspections by regulatory teams.

Qasim Shikar Puri, Chairman of the All Pakistan Sarafa Association, confirmed the development and stated that the association is actively in contact with the Chairman of the FBR to resolve the matter.

"We are currently holding negotiations regarding these notices," Qasim Shikar Puri said. "However, if these aggressive notices are not withdrawn immediately, we will be forced to boycott the ongoing dialogue."

The association chief added that crucial negotiations between FBR officials and trade representatives are scheduled to take place on Monday to determine the next steps.

Meanwhile, jewelers nationwide remain on high alert as the tax authority pushes for stricter documentation and compliance under anti-money laundering frameworks.

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