Four-Step Reporting Mechanism Developed for Realtors ToRs
Islamabad: As directed by the National Coordination Committee (NCC) on the Financial Action Task Force (FTAF), the Federal Board of Revenue (FBR) has established the reporting requirements of real estate-related transactions by creating a four-step compliance process, according to news reports.
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According to the specifics, the FBR has instructed the 22,000 Designated Non-Financial Businesses and Professions (DNFBPs) to assist the FBR in meeting the international FATF compliance criteria.
Following this new development, the United Nations has provided Pakistan with a list of 4,500 prohibited individuals. The four steps consist of the following:
When purchasing or selling property, the agent or DNFBPs will check the person’s identity and CNIC against the FBR’s list of banned individuals. If a person does not appear on the list, the transaction will proceed to the subsequent payment stage. If the person is found to be on the list, a Suspicious Transaction Report (STR) will be generated and sent to the appropriate authorities.
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For the buying of real estate, a money Trail must be accessible. After the adoption of the new Terms of References (ToRs), real estate agents who are not registered with FBR as DNFBPs will either be dealt with directly by the DNFBPs directorate or will work under the supervision of other registered DNFBPs.
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