The Federal Board of Revenue (FBR) has ordered real estate agents to maintain a record of clients’ Computerized National Identity Card (CNIC) and sale agreements to fulfill the conditions of FATF (Financial Action Task Force).
The representatives of selected non-financial businesses and professions (DNFBPs) had organized a vital meeting with the real estate consultant association for putting into practice DNFBP regulations.
All registered property dealers are required to check a list of four and a half thousand individuals that are presented on the DNFBP’s website before purchasing and selling property, and agents cannot do business with the individuals whose names are on the list, they added.
They stated,
“The agents will not only cancel the transaction but they are also bound to give information of the person to the FBR on which the FBR and other agencies will take action against that person”.
The United Nations (UN) has updated this list that contains the names of terror financiers, money launderers, and individuals from forbidden firms.
It is appropriate to note that the FATF will assess the implementation of the leftover points by Pakistan on 2 September. Officials added that Pakistan has implemented all the points of the plan.
The government has established DNFBPs as per the FATF’s directions to counter-terrorist financing compliance and anti-money laundering in the sectors of precious metals and stones, real estate, and accountancy.
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