ISLAMABAD: In order to ensure compliance on FATF requirements, FBR Chairman Shabbar Zaidi has sought details from the banks about its account holders.
According to letters written by Chairman FBR Shabbar Zaidi to all banks stating that banks in Pakistan may engage in ‘Trust Activities’ whereby they hold assets on behalf of individuals, trusts, retirement benefit funds and other institutions.
The ‘assets’ so acquired are not reflected in the ‘financial statements’ of the banks, however relevant ‘Off Balance Sheet’ details are duly reflected in the financial statements, the letter added.
In order to comply various compliance requirements, including FATF, the Chairman FBR stated in his written letter that it is imperative for FBR to have appropriate details of such transactions including identification of persons on behalf of which such ‘trust activities’ are undertaken. “