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FBR Announces a New Condition for Real Estate Agents Due to FATF

In order to comply with the requirements of the Financial Action Task Force, the Federal Board of Revenue has instructed real estate brokers to maintain a record of customers’ Computerized National Identity Cards and sale contracts.

Representatives of designated non-financial businesses and professions (DNFBPs) met with the real estate consultant association on August 17 to discuss the implementation of DNFBP rules, according to credible sources.

Before buying or selling property, all registered property dealers are required to verify a list of 4.5 thousand individuals available on the DNFBP’s website, and agents are prohibited from conducting business with anybody on the list.

According to the sources, the United Nations has updated this list of terror financiers, money launderers, and members of banned organizations.

Read: FBR Surpasses Revenue Collection Target by RS 50 billion in August

It is important to note that on September 2, the Financial Action Task Force (FATF) will examine Pakistan’s implementation of the remaining points. Officials further stated that Pakistan had implemented the entire plan.

According to FATF directives, the government has formed DNFBPs to combat anti-money laundering and counter funding of terrorism compliance in the precious metals and stones, real estate, and accounting sectors.

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