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Islamabad: The federal government implemented another International Monetary Fund (IMF) mandate, after which the banks appointed government officials at levels 17 to 22 to track down government officials allegedly involved in corruption and money laundering. granting conditional access to the details of the assets being offered.
The Federal Board of Revenue has also informed about this. The said rules stated that banks must implement customer due diligence (CDD) as required by the Money Laundering Act of 1973 to obtain details of asset declarations submitted to the FBI by government employees.
These rules, enforced by the FBI, apply to the sharing of information with banking companies under subsection 7 of part two of the Income Tax Act, and these rules apply to information relating to government employees in classes 17 through 22. (sharing) will be for limited purposes.
These regulations state that, upon request of banking companies and banks, they have been submitted to the FBI by government officials based on areas agreed with the Federal Board of Revenue and the State Bank of Pakistan.
