Money laundering goes on as Customs Valuation doesn’t determine accurate values of importable goods

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

Importer gets relief on apprehension allegation of Money Laundering against Viper Technology (Pvt) Ltd

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

Under-invoicing related money laundering: Cases of POP Global Distribution and Technosol referred to Customs I&I

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

Mis-declaration, under-invoicing cases to be processed under money laundering laws

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

SHC disposes ten petitions filed by importers against Post Clearance Audit under invoicing, money laundering allegations against petitioner companies

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

Megaplus Pakistan found involved in massive money laundering and fraud  

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

SECP proposes amendments in laws to prevent misuse of corporate entities for money laundering

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

SHC adjourns petition till Feb 06, orders implementation of order dated 24-12-2019 KEPZ Steel Mega Scam

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

Adjudication Collector II moved in Steel cases DIT points out defective, inconclusive, misleading proceedings in Mega Scam

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

Inland Revenue launches crackdown on money launderers, money smurfers

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