Disclosure of assets mandatory for federal government servants to open bank accounts
The federal government
has allowed banks access to asset declarations of civil servants of BS17-22 as
a prior condition for the opening of bank accounts.
The decision has been
made as per demand of the International Monetary Fund (IMF).
The FBR has notified rules in this regard to be called the Sharing of Declaration of Assets of Civil Servants Rules 2023 through SRO80 of 2023. These rules shall apply to federal employees only except the members of the judiciary and armed forces.
In the first phase, the
banks will access the asset data of federal employees at the time of opening
bank accounts. The conditionality is expected to extend to provincial employees
as well in the next phase.
According to tax
officials, this has no revenue implications and is part of due diligence
measure under the anti-money laundering act 2010.
To keep the data
confidential, the authorized bank officials will submit a declaration to the
FBR that secrecy of the information will be maintained and it will not be
divulged to any person.