The Central Board of Revenue (CBR) on Saturday gave a thorough briefing to the evaluation team of United Nations (UN) Asia Pacific Group on anti-money laundering law to identify taxation policy on the unexplained assets, investment and expenditure.
Official sources told Business Recorder here on Saturday that Asian Pacific Group on Money Laundering Mutual Evaluation of Pakistan, headed by Rick Mcdonell, Head of APG Secretariat, Australia, visited the CBR on Saturday and exchanged views on enforcement of law including anti-smuggling provisions.
The evaluation team comprises David Shannon, senior project officer, APG Secretariat, Australia; Bala Reddy, senior state counsel, Attorney General's Chambers' Singapore; financial experts include Mohammad Adnan Abdullah, manger, bank, Negara, Malaysia; David Meader, manager International Finance, reserve Bank of Australia and law enforcement experts include Paul Dergarabedian, senior policy advisor, US Department of Treasury, USA and Bruce Miller, Unit Chief Financial Investigations, Department of Homeland Security/ICE, USA.
Officials said that the evaluation team discussed CBR role in anti-money laundering, organisational structure and CBR's capability to prevent transfer of un-explained funds in Pakistan. In this regard, the tax managers submitted various provisions of law to the evaluation team for proper understating of the issue.
The CBR team of tax managers was represented by CBR Member Tax Policy and Reforms M.S. Lal. Other officials included Director General Customs and Intelligence, General (Retd) Usman Ali Shah, Member Customs, Ramzan Bhatti; Zahoor Akhtar Raja and Haroon Tanveer CBR resource persons.
During the presentation, General Usman elaborated the role of intelligence and investigation in customs and CBR role in enforcing anti-smuggling activities along with the other law enforcement agencies.
Member Customs Ramzan Bhatti discussed the role of customs enforcing provisions of Foreign Exchange Act and the enforcement of anti-smuggling provisions of the Customs Act, 1969.
Member Tax Policy and Reforms M.S. Lal explained the salient features of legal system and provisions of taxation on unexplained assets, investment, expenditure and 'Bay-Nami' law.
Asian Pacific Group team after consultation with all stakeholders including Ministry of Finance, Ministry of Foreign Affairs, Ministry of Law and Justice, National Accountability Bureau (NAB), Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP) and Anti-Narcotics Force (ANF) will formulate a legal mechanism pertaining to anti-money laundering for combating terrorism.
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