January 7, 2021 (MLN) The Federal Board of Revenue (FBR) has authorized certain officials of the Directorate General of Intelligence and Investigation Inland Revenue, Regional Tax Offices, and Model Customs Collectorates to monitor and document jewellers, accountants, and developers/builders under the Anti-Money Laundering Act, 2010 for assisting the Directorate General of Designated Non-Financial Business and Professions (DNFBPs).
According to Business Recorder, the FBR on Wednesday has issued an “implementation plan” of the Directorate General of DNFBPs to the field formations as per which the officials of the Directorate General of Intelligence and Investigation Inland Revenue, the RTOs, and the officials of the Customs at Model Customs Collectorates would assist the DG DNFBPs in performing their duties and responsibilities.
The FBR has also empowered officials of the Directorate General DNFBPs to exercise powers of the Anti-Money Laundering Act, 2010, to take action against real estate agents, housing authorities, real estate developers/builders, property dealers, jewelers/gem dealers, and accountants involved in money laundering/suspicious transactions, Business Recorder reported on Thursday.
Meanwhile, it is important to note that January 10, 2021, is the deadline for registration of developers/builders, jewelers, and accountants with the Directorate General DNFBPs, after which the directorate will commence enforcement and monitoring of these segments.
Under the AML Act, the said officials would have the authority to exercise the following powers and functions with respect to its reporting entities including licensing or registration of reporting entities; imposing any conditions to conduct any activities by reporting entities to prevent the offense of money laundering, predicate offense or financing of terrorism and issuing regulations, directions, and guidelines.
The officials of the Directorate General of Designated Non-Financial Business and Professions (DNFBPs) would be empowered to carry out monitoring and supervising, including conducting inspections; compelling production of information relevant to monitoring compliance; impose sanctions, including monetary and administrative penalties to the extent and in the manners as may be prescribed, upon their respective reporting entity, including its directors and senior management and officers.
Under SRO 1319(1)12020 issued by the FBR, the Directorate General, DNFBPs established for the performance of functions under Section 6A of the Anti-Money Laundering Act, 2010, shall consist of the director-general; directors; additional directors; deputy directors; assistant directors, and Inland Revenue Audit Officers, Inland Revenue officers, superintendents and deputy superintendents Inland Revenue, senior auditors Inland Revenue, inspectors Inland Revenue, and officers of Inland Revenue with any other designation.
The directors, additional directors, deputy directors, assistant directors, and Inland Revenue Audit Officers, Inland Revenue Officers, Superintendents, and Deputy Superintendents Inland Revenue, Senior Auditors Inland Revenue, Inspectors Inland Revenue, and officers of Inland Revenue with any other designation of the Directorate General DNFBPs, shall be subordinate to the Director-General DNFBPs.
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