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Tax crimes as predicate offences under the Anti-Money Laundering Act. 2010

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Tax crimes
as predicate offences
under
the Anti-Money Laundering Act. 2010

Bilal Hassan

Income tax, sales tax and excise duty are important inland taxes of the country due to their significant contribution in the overall federal tax receipts. However, actual collection of these taxes is less than the potential, and a significant tax gap estimated within these taxes is largely due to massive tax evasion. Tax evasion under the Income Tax Ordinance, 2001 (ITO 2001) is recently included as predicate offence under the Anti-Money Laundering Act, 2010 (AML Act 2010). Similarly, certain crimes in the Sales Tax Act, 1990 (Act 1990) and the Federal Excise Act, 2005 (Act 2005) are also included in the list of predicate offences under the AML Act 2010. Such tax crimes as predicate offences will be investigated and prosecuted under the provisions of the AML Act 2010, which imposes heavy monetary fines and imprisonment in addition to forfeiture of property involved in money laundering for the offence of crimes.

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