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FBR Increases Monitoring of DNFBPS to Meet FATF Targets

Islamabad: A news source said that the Federal Board of Revenue (FBR) has enhanced monitoring of Designated Non-Financial Businesses and Professions (DNFBPs) in order to execute anti-money laundering (AML) and counter financing of terrorism (CFT) requirements.

The government and the Financial Action Task Force (FATF) agreed on the rules to combat money laundering and terror funding.

According to the information provided, the government of Pakistan designated the FBR as the authorized AML and CFT regulatory authority to oversee real estate brokers and precious metals and stones merchants (DPMS).

Read: CDA Constructed Grand Operations Against Illegal Constructions 

In addition, FBR established an app and website with a list of banned individuals and their CNICs in order to generate real-time Suspicious Transaction Reports (SRTs).

It disclosed that FBR had met the FATF’s targets in a single reporting cycle before the September 2022 deadline targets in a single reporting cycle before the September 2022 deadline, it was disclosed. In this context, DNFBP Director General Mohammad Iqbal and his team conducted inspections of a number of DNFBPs and issued substantial fines.

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