KARACHI: The government has given anti-money laundering investigation powers to the Federal Board of Revenue (FBR) Directorate General of Intelligence and Investigation-Inland Revenue (I&I-IR), it is learnt.
In this regard, the federal government has issued a notification to be published in the Gazzete of Pakistan. According to the notification, “In exercise of powers conferred by clause (i) of section 2 of the Anti-Money Laundering Act 2010 (VII of 2010), the federal government is pleased to notify that the Directorate General of Intelligence and Investigation- Inland revenue of FBR as an investigation and prosecuting agency under the Anti Money Laundering Act 2010.”
The DG-I&I-IR has been given powers by the government to investigate and prosecute offences under Anti Money Laundering (AML) Act, 2010, where proceedings of crime have been accrued from commission of offenses.
Earlier in 2010, the Directorate General Intelligence and Investigation-Customs was notified as one of the focal agencies for anti-money laundering investigation under AML Act 2010.
After getting powers of AML-Act 2010, the DG-I&I-IR would be able to probe in to anti-money laundering cases, as the agency may investigate the matters in which property involved in money laundering, means of crime, property derived or obtained directly or indirectly from the offence of money laundering and property used or intended to be used in commission of the offence of money laundering, a predicate offence or a foreign serious offence.
According to AML-Act 2010, the offence of money laundering includes that a person shall be guilty of offence of money laundering, if he acquires, converts possesses, uses or transfers property, knowing or having reason to believe that such property is proceeds of crime; (b) conceals or disguises the true nature, original location, disposition, movement or ownership of property, knowing or, having reason to believe, that such property is proceeds of crime.
Whoever commits the offence of money laundering shall be punishable with rigorous imprisonment for a term, which shall not be less than one year but may extend to ten years and shall also be liable to fine that may extend to Rs one million and shall also be liable to forfeiture of property involved in the money laundering.
Under the AML Act 2010, the DG-I&I-IR would also have powers to survey, through an officer who, on the basis of material in his possession, has reasons to believe that an offence of money laundering has been committed. He may, with the permission of the court, enter any place.
Similarly, an investigation officer of the DG-I&I-IR would have the powers to search and seize the record or property of the person with the permission of court, which he believe that the person has secreted about the person or any thing under his possession. The FBR officer may arrest any person who has been guilty of an offence punishable under AML-Act 2010 after obtaining warrant from the court or the nearest judicial magistrate.