Anti-Money Laundering Act 2010: FBR empowers officials to exercise powers against property dealers, others

ISLAMABAD: The Federal Board of Revenue (FBR) Tuesday empowered officials of Directorate General of Designated Non Financial Business and Professions (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.

The FBR has issued DNFBPs (Regulatory Powers and Functions) Regulations, 2020, here on Tuesday.

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 offence of money laundering, predicate offence 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 carryout 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 performance of functions under section 6A of the Anti-Money Laundering Act, 2010 shall consist of 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.

The 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 Directorate General DNFBPs shall be subordinate to the Director, DNFBPs within whose jurisdiction they perform their functions.

Under the jurisdiction and powers of officers of the Directorate General DNFBPs, subject to the provisions of these regulations Director General, Directors, Additional Directors, Deputy Directors, Assistant Directors and other officers of Directorate General of DNFBPs specified shall exercise such powers and perform such functions under the provisions of the Anti-Money Laundering Act, 2010 and rules and regulations made thereunder and shall have jurisdiction in respect of such DNFBPs or such areas as specified.

The Director General of Directorate General DNFBPs would have the authority to exercise powers and functions under SRO 924(1)/2020 dated 29th September 2020, SRO 950(I)/2020 and SRO951(1)12020 dated October 1st 2020 read with relevant provisions of Anti-Money Laundering Act 2010.

The Director (HQ) DNFBPs Islamabad would be empowered to exercise powers under SRO 924(I)2020, SRO 950(I)/2020, 951(1)2020 read with relevant provisions of Anti-Money Laundering Act, 2010.

The FBR has also specified the powers and jurisdiction of 41 officials of Directorate General of the DNFBPs working in various cities including Karachi, Lahore, Quetta, Islamabad, and in Gilgit-Baltistan.

Copyright Business Recorder, 2020