The Federal Board of Revenue has directed real estate agents to keep a record of Customers’ Computerized National Identity Cards and sale agreements to comply with the conditions of the Financial Action Task Force.
Sources told ProPakistani that the representatives of designated non-financial businesses and professions (DNFBPs) had held an important meeting with the real estate consultant association on 17 August for the implementation of DNFBP regulations.
It is mandatory for all registered property dealers to check a list of four and a half thousand people that is available on the DNFBP’s website before buying and selling property, and agents cannot do business with the people whose names are on the list, they added.
They said, “The agents will not only cancel the transaction but they are also bound to give information of the person to the FBR on which the FBR and other agencies will take action against that person”.
The sources said that the United Nations has updated this list that includes the names of terror financiers, money launderers, and persons from banned organizations.
It is pertinent to note that the Financial Action Task Force (FATF) will review the implementation of the remaining points by Pakistan on 2 September. Officials added that Pakistan has implemented all the points of the plan.
The government has established DNFBPs as per the FATF’s directions to counter anti-money laundering and counter financing of terrorism compliance on precious metals and stones, real estate and accountants sectors.