Islamabad, August 15, 2025: In a sweeping move to curb tax evasion and illicit financial flows, the government has approved a system granting the Federal Board of Revenue (FBR) direct access to taxpayers’ bank account data.
The new integrated information-sharing network between commercial banks and the FBR will enable real-time monitoring of high-risk accounts and rapid action on suspicious transactions.
Under provisions of the Finance Bill 2025, banks will be legally required to share consolidated account-holder data with the FBR — including details of accounts maintained across multiple banks. This will allow authorities to cross-check declared income against actual financial activity, identify large transactions, and detect hidden assets.
If discrepancies between bank records and tax returns are detected, legal action will be mandatory, officials said. The FBR has pledged that all data will remain confidential and will be used strictly for tax enforcement purposes.
A high-level committee — comprising representatives from the Ministry of Finance, FBR, and the State Bank of Pakistan — is finalising the legal and operational framework. Once fully implemented, the system will also integrate the Securities and Exchange Commission of Pakistan (SECP), private banks, and licensed money exchange companies.
The centralised database aims to track major transactions, verify beneficial ownership, and ensure that no suspicious transfer escapes regulatory scrutiny.
According to official sources, the initiative also addresses concerns raised by the International Monetary Fund (IMF) over Pakistan’s anti-money laundering and counter-terrorism financing regime.
