ISLAMABAD: The Federal Board of Revenue (FBR) has notified rules for recovery from Designated Non-Financial Businesses and Professions (DNFBPs) under money laundering cases.

The rules will apply to the DNFBPs which includes jewellers, real estate agents and accountants notified through SRO290 of 2023 released on Tuesday.

FBR is the Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) regulatory authority for DNFBPs — real estate agents, jewellers, dealers in precious metals and precious stones and accountants, who are not members of the Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan.

Under the rules, every DNFBP will be registered with the FBR and will provide all information to the tax machinery. It includes, but not limited to, criminal records of the senior management and beneficial owners and maintaining records of customers to check money laundering transactions.

The rules empowered FBR to issue regulations, directions and guidelines for DNFBP. FBR can also impose sanctions, including monetary and administrative penalties to the extent and in the manners as may be prescribed, upon their respective reporting entity, including its directors and senior management and officers, who violate any requirement under the AML/CFT.

However, the appeal provision is also provided under the law for the aggrieved person.

Published in Dawn, March 8th, 2023