ISLAMABAD: Federal government on Friday restored Benami Transactions (Prohibition) Act 2017 to control corruption.
The cabinet restored the act through a circulation summary.
The benami law has been restored to deal with the problem of tax evasion and black money, especially in the real estate sector; to bring unaccounted for money into the system; to shut down channels for the flow of illicit funds, whether proceeds of crime or financing of terror activities; and to restore the credibility of Pakistan’s financial system.
Furthermore, the law entails strict punishments for persons entering into benami transactions. Any person found guilty of the offence will be punishable with rigorous imprisonment of at least one year, which may extend to seven years, and a fine of up to 25 per cent of the fair market value of the property.
The legislation was first made through an act of parliament in Jan 2017 – Benami Transactions (Prohibition) Act, 2017.
