Pakistan Customs Uncovers Trade-Based Money Laundering
Web Desk, 19 June 2021
KARACHI: The post-clearance audit of Pakistan Customs has unearthed an under-invoicing and trade-based money laundering case of an importer engaged in consignment clearance on fake invoices, the Federal Board of Revenue (FBR) said in a statement issued on Saturday.
It said the Directorate General of Customs Post Clearance Audit had conducted a detailed examination on the case forwarded by the Chief Collector of Customs Appraisement South, Karachi.
The revenue authorities said that the Lahore-based businessman imported goods by declaring values massively less than the actual amount.
The exporter of the goods in a foreign country has confirmed that the invoice value declared by the importer is grossly under-invoiced and the actual invoices have not been declared with the Customs, instead fake and tempered invoices have been presented.
After detailed audit and investigation of the case, an FIR has been registered against the importer. The importer has evaded duty and taxes worth Rs186 million.
