The Directorate General of Anti-Benami Initiative has sought help of the Financial Monitoring Unit (FMU) to obtain records of the suspicious financial transactions to investigate the cases of benami assets and their beneficial owners.

It is learnt that the position of DG-ABI would act as a bridge between anti-benami zones and FBR, between zones and adjudication authorities and among all the anti-benami zones as well. The government had established a dedicated Directorate General of Anti-Benami Initiative (ABI) on July 1, 2019 to tackle with benami assets.

In order to facilitate the authorities and to ensure efficient and effective implementation of anti-benami law the office of DG-ABI is being raised to ensure smooth and effective implementation and enforcement of Anti-Benami Act, 2017.

It is learnt that ABI will intensify its efforts to identify benami assets. The Financial Monitoring Unit of State Bank of Pakistan has been requested to provide the records of the suspicious financial transactions to identify and investigate beneficial owners of benami assets.

Sources said that the exercise has been started on national basis without any element of political victimization or targeted approach.

FBR had set up three Benami zones. The Lahore zone has jurisdiction of Punjab except the Civil Rawalpindi Division. The Karachi zone jurisdiction of Sindh and Balochistan and the Islamabad zone has been given the responsibilities of Islamabad, KP and Civil Division of Rawalpindi.

Prime Minister Imran Khan has directed provincial governments to provide the data of benami assets holders within the deadline of September 30, 2019, but there is no visible compliance by the provinces.

Copyright Business Recorder, 2019