KARACHI: Pakistan has not been able to completely overcome money laundering, which is hampering country’s exclusion from FATF’s grey list. Trade mis-invoicing is illegal and occurs when traders. under-invoice or over-invoice their exports or imports for the purposes of. tax evasion or capital flight in either direction. Under-invoicing as well… Continue reading
KARACHI: The customs Post Clearance Audit (PCA) department was restrained from taking any adverse action against petitioner company Viper Technology (Pvt) Ltd on allegation of money laundering. Zain Jatoi advocate appeared for the petitioner before the customs appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi… Continue reading
KARACHI: The Directorate of Post Clearance Audit (PCA) has forwarded around 40 more cases to Customs Intelligence and Investigation (I&I) of under-invoicing related money-laundering and fiscal fraud. PCA initiated scrutiny and analysis of last five year data comprising FIRs lodged for under-invoicing, mis-declaration and over-invoicing, Order-in-Originals and Contravention Reports served… Continue reading
KARACHI: The Directorate of Post Clearance Audit (PCA) has initiated scrutiny and analysis of last five year data comprising FIRs lodged for under-invoicing, mis-declaration and over-invoicing, Order-in-Originals and Contravention Reports served on importers and traders. The cases of under-invoicing, mis-declaration and over-invoicing would now be processed under Anti-Money Laundering Act… Continue reading
KARACHI: Ten constitutional petitions filed by dozens of importers against post clearance audit objections and subsequent probable proceedings were disposed of by a customs appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Mahmood A Khan after statement by top officials of Post Clearance… Continue reading
KARACHI: Customs Intelligence and Investigation has prepared a reference of money laundering and investment in benami assets against M/s Megaplus Pakistan and it’s CEO Asim Bukhari, which would be submitted before court of law to secure permission for proceedings. Vital import documents like evidential invoiced have been procured which revealed… Continue reading
ISLAMABAD, February 11: In an attempt to improve the standards of transparency and to prevent misuse of corporate entities for money laundering, the Securities and Exchange Commission of Pakistan (SECP) has proposed certain amendments to the laws and regulations. In this regard, the SECP has issued a set of notifications,… Continue reading
KARACHI: A customs appellate bench of High Court of Sindh (SHC) has asked the Adjudication Collectorate, Pakistan Customs to ensure compliance of its order dated 24-12-2019. The bench heard Zain Jatoi advocate, the counsel for petitioner side who drew the attention of the court towards its order in which the… Continue reading
KARACHI: The Directorate of Intelligence and Investigations (DIT) has pointed out serious flaws in the “Adjudication Proceedings” in cases pertaining to import of steel products. The mega scam involves over three hundred consignments imported by the different parties/ importers over previous many years and as per investigations, the accusations involved… Continue reading
KARACHI: Inland Revenue Intelligence and Investigation has launched a crackdown against individuals and entities who have been smurfing the ill-gotten money in offshore tax havens. Information was received from multiple sources that illegal and tax evaded money have been deposited in far flung bank accounts in tax exempt areas to… Continue reading
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