By Ahmed Mukhtar Naqshbandi
ISLAMABAD: The government has finally allowed banks access to the asset declarations of civil servants of BS17-22 as a prior condition for opening bank accounts as part of anti-corruption measures and good governance.
The step has been taken to meet another demand of the International Monetary Fund, according to the officials. Banks will access the asset data of the federal government employees in the first phase at the time of opening bank accounts, according to a senior tax official. The condition is expected to extend to the employees of provincial governments as well in the next phase.
However, the banks will be asked to keep the information confidential from public and not to be released at any cost to the general public. The official further said that the decision is a due diligence measure under the Anti-money Laundering Act, 2010.
It was the IMF structural condition that was agreed upon in 2018 that banks will be allowed access to asset declaration of the civil servants.
On the second day of the much crucial talks with the International Monetary Fund, the Federal Board of Revenue notified the “Sharing of Declaration of Assets of Civil Servants Rules 2023” through SRO-80 of 2023. These rules will apply to the federal government employees only, except the members of the armed forces and judiciary.
Source of income at time of opening bank account
Usually, the banks seek a source of income at the time of opening bank accounts. In the case of a salaried person, the banks ask for salary slip as proof. However, in case of other than salary incomes, the civil servant will declare his basic particulars to the bank official. The officer will then send the details to the Federal Board of Revenue for verification whether the assets have been declared in the declaration or not.
To ensure that the data remains confidential, the authorised officers of the bank will submit a declaration to the Federal Board of Revenue that he will maintain the secrecy of the information that will be provided.
