In a bold move to fight tax evasion and money laundering, the government has approved FBR access to bank accounts of taxpayers. The decision aims to track hidden wealth and catch those underreporting their income.

A new information-sharing system will connect commercial banks directly with the Federal Board of Revenue (FBR). This will allow real-time monitoring of suspicious transactions and high-risk accounts, ensuring swift action when irregularities are found.

Under the Finance Bill 2025, all banks will be required to provide the FBR with consolidated details of account holders. This will cover accounts maintained in multiple banks, helping authorities compare declared income with actual financial activity. If differences are detected, legal action will be unavoidable.

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The FBR has promised that all data will remain confidential and will only be used for tax enforcement.

A committee made up of officials from the Ministry of Finance, FBR, and State Bank of Pakistan will design the legal framework for the system. Later, the Securities and Exchange Commission of Pakistan (SECP), private banks, and licensed money exchange companies will also join the network.

This interlinked database will make it harder for suspicious transfers to go unnoticed. It will also help track large transactions and identify the real owners behind them.

Officials say that FBR access to bank accounts is also meant to satisfy the International Monetary Fund’s (IMF) concerns about Pakistan’s anti-money laundering efforts. By improving monitoring, the government hopes to strengthen financial transparency and meet global compliance standards.