FBR Bars PSDD from Issuing NOC to Unregistered Housing Societies

The Federal Board of Revenue (FBR) has imposed a ban on the Public Sector Development Department for issuing NOC to any Real Estate Department Authority or Housing Society not registered as a Designated Non-Financial Business and Profession (DNFBP) to strengthen the anti-money laundering and counter the financing of terrorism regime in the country.

FBR has issued guidelines for the Real Estate Department Authority or Housing Societies in this regard on Monday.

According to the guidelines, the FBR has imposed the following condition on all the Public Sector Development Departments/Authorities to strengthen the anti-money laundering and counter the financing of the terrorist regime in the country.

“No Public Sector Development Department/Authority shall provide any NOC/Approval/Permission to any kind of Real Estate Development Authority or Housing Society (commercial/residential) unless the applicant is registered with the Federal Board of Revenue as a Designated Non-Financial Business and Profession (DNFBP) and has also appointed or nominated AIVIL/CFT Compliance Officer,” stated in the guidelines.

The Public Sector Development Department/Authorities shall also ensure that previously approved Real Estate Authorities or Societies falling in their respective jurisdiction and currently in business are registered with FBR as DNFBPs and have appointed or nominated AML/CFT Compliance Officers.

The Public Sector Development Departments/Authorities were advised to immediately issue instructions to the staff concerned and respective housing authorities or societies for registration with the FBR as DNFBPs and appointment or nomination of AML/CFT Compliance Officers without fail.

The real estate development authorities or societies may also be informed to obtain a Registration Certificate from the concerned Director, DNFBPs once registered as a DNFBP with FBR.



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