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FBR sets up directorate to stop foreign currency money laundering

May 10, 2019
 

The Federal Board of Revenue (FBR) has established a Directorate of Cross Border Currency Movement (CBCM) on Thursday to stop foreign currency money laundering.

The directorate will also initiate legal action against suspicious transactions. It will function under the administrative control of the Directorate-General of Intelligence and Investigation and Grade-20 Customs officers.

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A database of currency seizures will be maintained and updated at the directorate. Other departments will also be given information regarding money laundering.

The directorate will share data of currency seizures with the FBR and Financial Monitoring Unit (FMU) on a monthly basis.

The FBR has said that the directorate will maintain and update a database containing information of Suspicious Transaction Reports received from the FMU. The database will help prevent money laundering.

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