January 25, 2022 (MLN): Federal Board of Revenue (FBR) on Tuesday, has made amendments in its Anti-Money Laundering and Countering Financing of Terrorism Regulations for Designated Non-Financial Business and Professions (DNFBPs) to reveal new restrictions.
As per the notice issued by FBR, new restrictions have been imposed that banned people convicted of a criminal offence from holding ownership or controlling interest in the DNFBPs, in compliance with the Financial Action Task Force’s (FATF) conditions.
In its notice, FBR said “every DNFBP shall ensure that it has measures in place to prevent any person who has been convicted of a criminal offence or any. associate of such a person from holding any ownership or controlling interest in the DNFBP; being the beneficial owner of the DNFBP, and holding any senior management or board position in the DNFBP.
The notice further stated that every DNFBP shall notify the FBR when there is a change in any ownership or controlling interest in the DNFBP; any beneficial owner of the DNFBP; and any senior management or board position in the DNFBP.”
