PAKISTAN: TAX AUTHORITIES INITIATE MONEY LAUNDERING PROBE AGAINST IMPORTERS

The News International on 20th January reported that tax authorities have launched money laundering and tax evasion investigations into the transfer of billions of rupees worth of foreign currency to bank accounts abroad by a number of importers through under invoicing of their imported cargoes.  The Inland Revenue Office has detected some cases where payment made through electronic import form (EIF) of banking channels were found to be much lower than the value of goods cleared at the customs declaration stage.  An official said that the difference of amount is believed to be sent through illegal channels such as hawala and hundi.  Importers were making letter of credit through banking channels and misdeclaring goods at the time of clearance to conceal the actual value of goods.

https://www.thenews.com.pk/print/421022-tax-authorities-initiate-money-laundering-probe-against-importers

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s