Convicted Criminal cannot be a part of DNFBP

Convicted Criminal cannot be a part of DNFBP

FBR has issued instructions that a Convicted Criminal cannot be a part of DNFBP. In exercise of the powers conferred by section 6A of the Anti-Money Laundering Act, 2010 (VII of 2010) read with sub-clause (iii) of clause 1 of Schedule IV to the said Act, the Federal Board of Revenue is pleased to direct that the following amendments shall be made in the Federal Board of Revenue Anti-Money Laundering and Countering Financing of Terrorism Regulations for DNFBPs, 2020, namely:

In the aforesaid Regulations, in regulation 3, after sub-regulation (3), the following new sub-regulations (4) and (5) shall be added, namely:

Convicted Criminal cannot be a part of DNFBP or take any position

Every DNFBP shall ensure that it has measures in place to prevent any person who has been convicted of a criminal offence or any associate of such a person from—

  • holding any ownership or controlling interest in the DNFBP;
  • being the beneficial owner(s) of the DNFBP; and
  • holding any senior management or board position in the DNFBP.

Intimation to FBR in case of any change

Every DNFBP shall notify the FBR when there is a change in

  • any ownership or controlling interest in the DNFBP;
  • any beneficial owner(s) of the DNFBP; and
  • any senior management or board position in the DNFBP.

For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/

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