Regarding insertion of sub-regulations (4) and (5) in regulation 3 of the Federal Board of Revenue Anti-Money Laundering and Countering Financing of Terrorism Regulations for DNFBPs, 2020

Government of Pakistan Revenue Division Federal Board of Revenue ***** Islamabad, the zs" January, 2022. Notification S:R.O. 1~I)/2022.- In exercise of the powers conferred by section 6A of the Anti-Money Laundering Act, 2010 (VII of 2010) read with sub-clause (iii) of clause 1 of Schedule IV to the said Act, the Federal Board of Revenue is pleased to direct that the following amendments shall be made in the Federal Board of Revenue Anti-Money Laundering and Countering Financing of Terrorism Regulations for DNFBPs, 2020, namely:- In the aforesaid Regulations, in regulation 3, after sub-regulation (3), the following new sub-regulations (4) and (5) shall be added, namely:- "(4) Every DNFBP shall ensure that it has measures in place to prevent any person who has been convicted of a criminal offence or any. associate of such a person from- (a) holding any ownership or controlling interest in the DNFBP; (b) being the beneficial owner( s) of the DNFBP; and (c) holding any senior management or board position in the DNFBP. (5) Every DNFBP shall notify the FBR when there is a change in- (a) any ownership or controlling interest in the DNFBP; (b) any beneficial owner(s) of the DNFBP; and (c) any senior management or board position in the DNFBP.". [F.No.l(3)Chief FATF Cell/2019] /' (Dr. Saji Hussain) Secretary ( les & SROs)