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FBR concludes probe of 15 cases related to Panama Papers scam

FBR concludes probe of 15 cases related to Panama Papers scam

ISLAMABAD: Federal Board of Revenue (FBR) has confirmed that investigation into 15 cases related to the persons named in Panama Papers’ leaks has been completed. Federal Board of Revenue (FBR) sources said that about 450 persons had been named in Panama Papers case having offshore companies.

FBR has acquired details of 291 persons and investigation into 15 cases have been completed, the sources confirmed Customs Today.

It was also revealed that the data of 8,000 benami accounts has also been tracked by FBR while the board will start receiving reports regarding suspicious bank transactions from April. On March 13, the Federal Board of Revenue (FBR) had announced that the benami law aimed at confiscating all properties and bank accounts, not registered with the name of a real owner, has been implemented. The FBR said cases would be prepared against benami properties after a thorough investigation.

An adjudicating authority will also be formed to decide the cases falling under the purview of the new law and the decisions announced by the adjudicating authority could be challenged before an appellate tribunal.

Under the law, benami properties would be confiscated for a period of ninety days. Besides, the seized property could also be auctioned following the verdict of the appellate tribunal.  The FBR said commissioners of Islamabad and Karachi have been empowered to take action against any properties in the benami law. The law was implemented in February 2017.