FBR to Audit Property Dealerships to Meet FATF Requirements
Islamabad: According to news reports, the government has decided to audit property dealers’ offices nationwide in an effort to adhere to Financial Action Task Force (FATF) laws.
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Following the FATF’s review decision to keep Pakistan on the “grey list,” the following were taken. In order to keep an eye on shady real estate activity, the government has cooperated with the FATF’s mandate that real estate developers register with national monitoring organisations.
The Federal Board of Revenue (FBRDirectorate )’s of Inland Revenue would audit the registered property dealers’ offices across Pakistan during the procedures. As realtors were designated Designated Non-Financial Business and Professions (DNFBPs) that will help track suspicious transactions under the Anti-Money Laundering Act, 2010, the FBR previously registered over 22,000 real estate brokers.
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It was previously said that following the release of the budget, authorities would check real estate offices and those of other DNFBPs (including investors, developers, and jewellers). This move is intended to strengthen Pakistan’s standing and remove it from the “grey list,” which would help the nation’s business climate.
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