FBR Sought Realtors’ Cooperation to Meet FATF Requirements
Federal Board of Revenue (FBR) Chairman Dr. Muhammad Ashfaq Ahmed met with leaders of real estate groups in Islamabad to ask them to collaborate with the government in order to be removed off the grey list of the Financial Action Task Force (FATF).
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In order to promote transparency, the chairman indicated that the department will shortly issue redesigned and simplified Customer Due Diligence (CDD) forms in Urdu and English. Additionally, the redesigned CDD will contain fewer questions to make it simpler for real estate agents to comprehend.
In addition, FBR officials will visit the offices of real estate agents registered with the Department of Nonfinancial Businesses and Professions (DNFBPs) to train and assist them in completing the necessary documentation.
The declaration follows the government’s registration of over 22,000 real estate agents nationwide under the DNFBP in order to comply with FATF standards and implement anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations.
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Mohammad Iqbal, Director General of the FBR’s Non-Financial Businesses and Professions (DNFPs), together with Ejaz Khan and Sardar Tahir, chairman and president of the Federation of Realtors Pakistan, as well as office bearers from provincial real estate associations, attended the meeting.
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