FBR asks realtors to help meet FATF conditions

Published September 6, 2021
The Fede­ral Board of Revenue has sought cooperation of real estate associations all over the country to meet requirements of the Financial Action Task Force. — APP/File
The Fede­ral Board of Revenue has sought cooperation of real estate associations all over the country to meet requirements of the Financial Action Task Force. — APP/File

ISLAMABAD: The Fede­ral Board of Revenue has sought cooperation of real estate associations all over the country to meet requirements of the Financial Action Task Force (FATF) in relation to non-financial businesses and professions to combat money laundering and financing of terrorism.

FBR chairman Dr Muhammad Ashfaq Ahmed held a meeting with representatives of real estate associations here on Sunday, and expressed the hope that they would continue to comply with the anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations.

It was decided that FBR would soon issue a shorter version of guidelines and a simplified Customer Due Diligence (CDD) in English and Urdu languages. The number of questions in the questionnaire will be reduced as far as possible and made available to real estate agents in Urdu.

FBR director general of Non-Financial Businesses and Professions (DNFPs) Mohammad Iqbal responded to questions of the association members, assuring them that bureau would continue facilitating the DNFPs for compliance. He said FBR teams would visit offices of real estate associations for assistance in filling out the questionnaires.

The inspections will continue to be undertaken in coordination with real estate agents in a courteous manner, and FBR will also remain engaged with realtors through its committee for addressing any issues.

The FBR chairman apprised members of real estate associations about the FATF’s requirements in relation to DNFBPs and called for collective and continued efforts by FBR and real estate agents to combat money laundering and financing of terrorism.

Ejaz Khan and Sardar Tahir, chairman and president of the Federation of Realtors Pakistan, and office bearers of real estate associations from the provinces participated in the meeting.

During the course of the session, representatives of real estate sector apprised the FBR of their issues and asked questions in relation to implementation of FBR regulations.

Published in Dawn, September 6th, 2021

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