FBR Takes a New Step to Prevent Money Laundering
The Federal Board of Revenue (FBR) has given additional responsibilities to the Directorate General of Customs Valuation to prevent the flight of capital and trade-based money laundering taking place through mis-invoicing of exports.
The FBR on Friday has issued SRO.503(I)/2021 to specify the powers and functions of the Directorate General of Customs Valuation.
The directorate would now have the powers to focus on under-invoicing of imports, also identify cases of over-invoicing of imports of low-duty or exempt items, and mis-invoicing of exports to prevent the flight of capital or trade-based money laundering and to convey such information to concerned formations.