ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Friday Jun 22nd 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Pakistan Investigates Potential Tax Evasion And Money Laundering Via Bitcoin

By

Matthew

De Silva

WriterETHNews.com

Pakistan’s Federal Board of Revenue has begun investigating potential tax evasion and money laundering by bitcoin traders. In Pakistan, bitcoin is regarded as a commodity, not a cryptocurrency. No laws formally regulate Pakistan’s growing bitcoin trade.

On May 24, 2017, Pakistan’s Federal Board of Revenue (FBR) launched an investigation into potential tax evasion and money laundering conducted through bitcoin trading.

Khawaja Tanveer Ahmad, the FBR’s Director General (Intelligence Investigation – Inland Revenue), has been vested with prosecutorial powers in cases where tax-evaded money has been laundered.

In 2000, Pakistan joined the Asia/Pacific Group on Money Laundering, accepting the “requirement that members develop, pass and implement anti-money laundering and counter-terrorist financing legislation and other measures based on accepted international standards.” Under Pakistan’s Anti-Money Laundering Act, 2010, tax evasion is considered a predicate offense.

At present, the State Bank of Pakistan does not recognize cryptocurrencies, treating them instead as commodities.

In December 2016, the trading volume on the LocalBitcoins over-the-counter platform quadrupled for the Pakistani Rupee in a single week. Since then, trading volume has steadily trended upward. According to CoinDance, the trading volume of LocalBitcoins in Pakistan has more than doubled over the last two weeks.

As reported by DAWN, a senior tax official stated that the major traders of bitcoin are employed in a multinational telecommunications company in Islamabad. He also noted that traders maintain foreign bank accounts, and that there is a strong risk of tax evasion and money laundering by those dealing in cryptomarkets.

Matthew De Silva

Matthew is a full-time staff writer for ETHNews with a passion for law and technology. In 2016, he graduated from Georgetown University where he studied international economics and music. Matthew enjoys biking and listening to podcasts. He lives in Los Angeles and holds no value in any cryptocurrencies.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest State Bank of Pakistan, Tax Evasion And Money Laundering or other Ethereum world news.