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Tuesday, October 19, 2021

Forward of FATF overview, FBR asks jewellers to maintain file of money transactions

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Data of money transactions need to be maintained for not less than 5 years by jewellers. Picture: AFP
  • Jewelry merchants sure to retain money transaction data, says FBR
  • FBR goals to satisfy FATF’s anti-money laundering targets forward of Pakistan’s overview this month
  • Income physique says enterprise of valuable stones and metals could also be abused by criminals and terrorists due to numerous components

KARACHI: Jewelry merchants now need to preserve a file of money transactions which go over Rs2 million, says Federal Board of Income.

It’s a part of the federal government’s plans to hurry up efforts to doc the financial system as Pakistan nears its FATF overview, sources have been quoted as saying by The Information.

The brand new procedures have been issued beneath legal guidelines of anti-money laundering (AML) and combating financing of terrorism (CFT) and to satisfy situations of the Monetary Motion Activity Pressure (FATF).

Learn extra: Demonetisation of Rs5,000 observe will assist curb bribery: ex-FBR chief Shabbar Zaidi

A jeweller now has to maintain a file of such transactions for not less than 5 years following the completion of a transaction.

In keeping with FBR’s procedures, if an individual / retail service provider who’s promoting or shopping for jewelry eg rings, bracelets, necklaces and different bodily ornaments is probably not a supplier in valuable metals and stones in a single yr or one month, however the individual begins promoting or shopping for such objects over Rs2 million threshold, in subsequent years or months, the individual can be topic to AML/CFT. 

The FBR interprets the Rs2 million threshold as a money transaction under the brink quantity if the money transaction is under Rs2 million however is a part of a collection of transactions associated to the acquisition of the identical merchandise or objects totalling Rs2 million or above.

Learn extra: The trail out of the FATF ‘gray listing’

The income physique stated the enterprise of valuable stones and metals could also be abused by criminals and terrorists due to numerous components.

A FATF overview is scheduled to return this month to resolve whether or not or to not exclude Pakistan from its gray listing of nations with weak AML/CFT laws. 

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