Islamabad: The federal government has fulfilled another condition of the International Monetary Fund (IMF) after which banks have been assigned government officials of grades 17 to 22 to trace corruption and money laundering of government officials allegedly involved in corruption and money laundering. Rules have been issued for granting conditional access to details of assets to be submitted.
The Federal Board of Revenue has also issued a notification in this regard. The said rules stated that the banks have to ensure implementation of the Customer Due Diligence (CDD) prescribed in the Money Laundering Act, 1973 for obtaining details of asset declarations submitted to the FBR by civil servants.
These rules to be introduced by the FBR will be applicable for information sharing with banking companies under sub-clause 7 of section two of the Income Tax Ordinance and these rules will be applicable for information related to civil government employees of grades 17 to 22. Exchange (sharing) will be for limited purposes.
The rules further stated that on the request of banking companies and banks, submissions were made to the FBR by civil officers based on the fields agreed with the Federal Board of Revenue and State Bank of Pakistan.
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