FBR completes investigation into 15 cases relating to Panama leaks
- By Web Desk -
- Mar 14, 2019
ISLAMABAD: Federal Board of Revenue (FBR) has confirmed that an investigation into 15 cases, related to the persons named in Panama Papers’ leaks, has been completed, ARY News reported on Thursday.
A member of the Federal Board of Revenue (FBR) said that above 450 persons had been named in Panama Papers over having offshore companies.
The revenue board has acquired details of 291 persons and investigation into 15 cases have been completed, the member said in his statement.
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.
Read More: FBR recovered Rs 6.6bn during money laundering probe, PM told
On March 13, the Federal Board of Revenue (FBR) had announced that the benami law, aimed at confiscating all properties and bank accounts that would not be 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. It said 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 had said commissioners of Islamabad and Karachi have been empowered to take action any properties in the benami law. The new law had been implemented in February 2017.