The Federal Board of Revenue (FBR) has amended its anti-money laundering and anti-terrorist financing rules for designated non-financial businesses and professions (DNFBP) for adding new restrictions.
According to the FBR release, new restrictions have been introduced to prevent convicted offenders from owning or controlling interests in certain non-financial Businesses and professions under the terms of the Financial Action Task Force (FATF).
In its statement, the FBR stated: “Each DNFBP must ensure that it has measures in place to prevent a person or person convicted of a crime. The partner of such a person does not own or control DNFBP; be the beneficial owner of DNFBP and in any position DNFBP: n board of directors.
The notification further stated that each DNFBP must notify FBR of any change in DNFBP’s ownership or control; all beneficial owners of DNFBP; and any executive or board position at DNFBP. “
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