To comply with the Financial Action Task Force’s criteria, the Federal Board of Revenue has instructed real estate agents to retain a record of customers’ Computerized National Identity Cards and sale agreements.
Sources told Pak Revenue that the representatives of designated non-financial businesses and professions (DNFBPs) met with the real estate consultant association on 17th August to discuss the implementation of DNFBP guidelines.
Before purchasing or selling property, all registered property dealers must check a list of 4.5 thousand people available on the DNFBP’s website, and agents cannot do business with people whose names appear on the list, they added.
“The agents will not only annul the transaction but they will also be obligated to provide information about the person to the FBR, who will thereafter take action against that person along with other agencies,” they stated.
The UN has updated this list which includes the names of terror financiers, money launderers, and members of banned groups.
It’s worth noting that Pakistan’s execution of the remaining items will be reviewed by the Financial Action Task Force (FATF) on 2nd September.
The government has established DNFBPs in the precious metals and stones, real estate, and accounting sectors in accordance with FATF guidelines to combat anti-money laundering and counter-terrorist funding compliance.
