ISLAMABAD: The federal government is reported to have finally allowed banks access to asset declarations of civil servants of BS17-22 as a prior condition for the opening of bank accounts as part of good governance and anti-corruption measures.
Acting on the government’s instructions, the Federal Board of Revenue (FBR) Thursday notified “Sharing of Declaration of Assets of Civil Servants Rules, 2023” for sharing of information between the FBR and banks about the assets of civil servants in BS 17-22.
It is believed that the move came to meet IMF structural conditionality demand, that was agreed upon in the year 2018 to allow banks to access to the asset declaration of civil servants. In this regard, the Federal Board of Revenue engaged banks before finalising the rules for the purpose.
According to an SRO 80(I)/2023 issued by the FBR, the rules shall apply for sharing of information with banks. These rules shall apply for a limited purpose of sharing of information in respect of civil servants in BS 17- 22.
The FBR shall share a simplified or abridged version of declaration, based on the fields agreed with the State Bank, made by a civil servant in his electronic declaration filed with FBR.
The bank shall use a pre-notified, secured and single authorized email address and the email account shall be under control and responsibility of the head of compliance of the bank in terms of its authorization, use and security of data being shared.
The bank shall communicate to the FBR the credentials of a maximum of four focal persons (officials) authorised to communicate with the FBR through the authorised email. The following information shall be furnished by the bank in respect of focal persons.
The bank shall promptly communicate any change of focal persons’ credentials above and shall not allow using the secured email until the credentials have been communicated to the FBR.
The FBR shall provide simplified or abridged information, within five working days through the authorised email, or may refuse in case information is not available or cannot be provided due to any reason. In case of dispute, the decision of the FBR shall prevail being the custodian of information.
The bank shall provide bi-annual feedback on the use of information received by the bank as well as on the outcome of CDD in terms of the success of new accounts opened and how the information helped the bank in establishing its client relationship.
Case-wise feedback to be provided by 31st July and 31st of January of every year of preceding six months’ information requests made by the bank.
The FBR shall have a dedicated banks’ CDD desk assigned to an authorised officer supported by designated officials to deal with the information requests from the banks, the FBR added.
