ISLAMABAD: The Federal Board of Revenue (FBR) has developed Sectoral Study on Cash Smuggling to identify and to understand risk associated with Terrorist Financing (TF) involvement in cash couriers, 25th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was informed on Thursday. Pakistan Customs has introduced a string of policy measures to counter terrorism financing through transfers with the help of cash carriers and develop profiles of currency traffickers. These measures include drastic changes in the procedures and better enforcement to curb smuggling, particularly currency smuggling, through entry/exit points of the country. One of the major initiatives is the establishment of the directorate of cross-border currency movement mainly responsible for developing a national-level profile of currency traffickers. The representative of Federal Board Revenue (FBR) also informed that Customs has played a leading role, and is about to achieve the targets under Financial Action Task Force (FATF) action plan pertaining to FBR. Muhammad Hammad Azhar, Minister for Economic Affairs briefed the Committee about the updated position on the Financial Action Task Force (FATF) matter. He apprised the Committee that Pakistan has significantly completed action plan on 22 items out of 27 given by FATF under International Co-operation Review Group (ICRG). He informed that plenary meetings of the FATF were held in Paris during October 13-18, 2019, wherein Pakistan Progress on 27 point FATF Action Plan during July 2018 to September 2019 was reviewed. He informed that ICRG in the last meeting expressed its satisfaction on the progress about the measures taken by the government. The Committee discussed “The Industrial Development Bank of Pakistan (Reorganization and Conversion) (Amendment) Bill, 2019” moved by Syed Fakhar Imam, MNA. The Additional Secretary, Finance Division informed the Committee that in May, 2011, the Industrial Development Bank of Pakistan (re-origination and conversion) Act, 2011 was promulgated whereby IDBP was converted into public limited banking company namely IDBL and was incorporated under the Companies Ordinance 1984, consequently, IDBP stood dissolved and ceased to exit on 13-11-2012. The Committee rejected the said Bill. The Committee considered “The Banking Companies (Recovery of Loans, Advance, Credits and Finances) (Amendment) Bill, 2019” moved by Syed Fakhar Imam, MNA and recommended that the said Bill may be passed by the National Assembly. The Committee discussed “The Regional Development Finance Corporation and Small Business Finance Corporation (Amalgamation and Conversion) (Amendment) Bill, 2019” moved by Syed Fakhar Imam, MNA. The Additional Secretary, Finance Division informed that the Finance Corporation and Small Business Finance Corporation has merged in SME. The Committee rejected the said Bill. The Committee considered “The Agricultural Development Bank of Pakistan (Re-organization and Conversion) (Amendment) Bill, 2019” (moved by Syed Fakhar Imam), and recommended that the said Bill may be passed by the National Assembly. The Committee considered “The Financial Institutions (Recovery of Finances) (Amendment) Bill, 2019”, moved by Syed Fakhar Imam, MNA and recommended that the said Bill may be passed by the National Assembly. The Chairman, FBR briefed the Committee with regard to the data received through Automatic Exchange of information from Organization for Economic Co-operation and Development (OECD). The Committee Members expressed their concern about the performance of FBR regarding collection of tax amount under this system. The Committee was also informed about the pendency position and way forward on the issues. The meeting was attended by MNAs Makhdoom Syed Sami-ul-Hassan, Sardar Nasrullah Khan Dreshak, Mr. Jamil Ahmed Khan, Mr. Faheem Khan, Mr. Aftab Hussain Siddique, Dr. Ramesh Kumar Vankwani, Mr. Qaiser Ahmed Sheikh, Mr. Ali Perviz, Dr. Aisha Ghaus Pasha, Ms. Nafisa Shah, Syed Naveed Qamar and Syed Fakhar Imam, mover of the Bill besides the senior officers from Ministry of Finance, Revenue & Economic Affairs, SECP, ZTBL and Ministry of Law & Justice.