Pakistanis receive gifts worth Rs102 bn from overseas
Salim Saleem Mandviwalla presided over sitting of standing committee.
ISLAMABAD (Daily Dunya)- Federal Board of Revenue (FBR) on Tuesday informed Senate standing committee on finance that officials at the Anti-Money Laundering (AML) cell of the Intelligence and Investigation-Inland Revenue have kicked off probe into possible use of ‘gift back arrangements’ as a money laundering mechanism under which around 2500 Pakistanis have received gifts worth Rs102 billion from their overseas relatives in the previous fiscal year.
Senator Salim Saleem Mandviwalla presided over sitting of Senate standing committee on finance in Islamabad.
Official of revenue and tax watchdog termed aforementioned activity startling and informed senators that persons, who received gifts, have been marked and notices have been served to them as these persons may be guilty of fleecing.
Sharing details, the FBR said that as many as eight individuals declared gifts worth between Rs1bn and Rs500 million. Similarly, 97 individuals declared gifts worth between Rs500 million and Rs200 million. Meanwhile, 97 people declared having received gifts worth Rs200 million to Rs100 million, while 280 individuals declared gifts of between Rs100m and Rs50m in their wealth statements. Similarly, 2,348 people declared gifts worth Rs50 million to Rs10 million.
Upon cases registered under anti-money laundering law, official apprised members that monetary unit of State Bank of Pakistan (SBP) had forwarded over 200 cases to FBR and investigation into the matter was underway. Standing committee summoned details of all such cases.
“FBR is probing the matter to find whether gifts have been received through legitimate channels or not,” pronounced official.
“The gift system is used to turn black money into white,” pronounced Senator Kamil Ali Agha.
