FMU reports real estate agent for money laundering

KARACHI: The Financial Monitoring Unit (FMU) of State Bank of Pakistan (SBP) has reported Shah Shoib Ul Haq s/o Shah Shamim Ul Haq to Federal Board of Revenue (FBR) for further investigations as the individual is suspected to be involved in tax evasion and money laundering.

Shah Shoib Ul Haq is under investigation by FIA for receiving payment through illegal means of transfer i.e. Hawala/Hundi from M/s Inter Source Pvt Ltd. Besides the turnover of the suspect’s accounts are also very high, which do not match with his stated profile.

Haq is also maintaining multiple personal accounts with different banks. As per bank documents, he is a self-employed, engaged in the real estate business with the name of M/s S.B. Estate.[the_ad id=”31605″]According to Financial Monitoring Unit (FMU) report, the individual was using various modes of transaction i.e. cash, clearing and transfers. In order to route high value funds through his account, it was further observed that the suspect was intentionally structuring transactions in order to conceal the sources of funds. He was also avoiding the minimum reporting threshold of Currency Transaction Report (CTR), which is Rs2.0 million and above.

Suspect’s brother Shah Tanveer Ul Haq is a mandate holder in suspect’s accounts, and turnover of Tanveer’s personal accounts is on the higher side, despite the fact his tax status is inactive.

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