FMU reports owner of Al Habib Travel for tax evasion, smuggling, money laundering
KARACHI: The Financial Monitoring Unit (FMU) of the State Bank of Pakistan (SBP) has reported Barketullah s/o Karimdad to Directorate of Inland Revenue Intelligence & Investigation for possible tax evasion, smuggling and money laundering.
Registered as transporter and dealer of diesel, Barketullah is the owner/director of Al-Habib travel Intercity Bus Terminal and Al-Habib Travel Bus Coach Service.
The suspect is maintaining multiple bank accounts and the turnover in his accounts do not match with his profile.
Under the provisions of AML Act, 2010 a Suspicious Transaction Report (STR) is filed with FMU for a suspicious transaction conducted or attempted through a financial institution. The transaction is considered suspicious, inter alia, if there are reasons to suspect, after having examined the available facts including the background and possible purpose of the transaction, that the transaction has no apparent lawful purpose.
A Currency Transaction Report (CTR) is filed with FMU if a cash-based transaction of over and above Rs2.5 million is carried out at a financial Institution (the threshold for CTR reporting has been reduced to Rs2.0 million w.e.f. January 21, 2015.