PKONWEB Report (Islamabad) — The Federal Board of Revenue (FBR) has acquired details of 160,000 undisclosed overseas bank accounts being held by Pakistani nationals.
According to sources, some 4,800 accounts have balance over $100,000 while several accounts contain even more than $1 million.
In the first phase as part of the ongoing investigation, the relevant data of the accounts is being collected including ownership and source of money transfer.
Moreover, the FBR will send notices to the account holders to submit an appropriate reply, and legal action will be taken against those who fail to respond.
Further investigation into the matter is underway as part of PTI governnment’s initiative to counter money laundering and bring hidden assets held abroad by Pakistanis into the tax net.