As per the recommendations of the Financial Action Task Force (FATF) regarding anti-money laundering and combating terror financing in the country, the Federal Board of Revenue FBR will be implementing the rules in real estate, gems, and jewelry very soon.
FBR will also set up a focused team to monitor services of income tax experts, furthermore, the Securities and Exchange Commission of Pakistan will monitor the services of lawyers and chartered accountants.
Representatives from 206 countries include Pakistan around the world attended the Paris-based FATF meeting held on February 21. As per the meeting, jewelers will be directed to record the details of all the transactions on a daily basis. In addition, jewelers will also report suspicious transactions to the FBR.
The Federal Board of Revenue will take drastic measures to apply the FATF rule to housing authorities or sub-registrar offices where property exchanges are attested. The FBR officials said,” We don’t want to hurt the business of real estate and jewelers, the government would have to make further amendments in the anti-money laundering act as well.”
The FATF emphasizes Pakistan to complete its full action plan by June 2020.