Monday, May 29, 2023

FBR asks realtors to help comply with FATF conditions

The Federal Board of Revenue has requested the assistance of real estate organizations around the nation in order to satisfy Financial Action Task Force (FATF) standards in respect to non-financial companies and professions in order to combat money laundering and terrorism financing.

On Sunday, FBR Chairman Dr. Muhammad Ashfaq Ahmed met with members of real estate groups and expressed optimism that they will continue to comply with anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations.

It was determined that the FBR will release a shorter version of the guidelines as well as a streamlined Customer Due Diligence (CDD) in English and Urdu as soon as possible. The questionnaire’s amount of questions will be decreased as much as feasible and made available to real estate agents in Urdu.

Mohammad Iqbal, FBR director-general of Non-Financial Businesses and Professions (DNFPs), answered queries from association members, assuring them that the bureau will continue to assist DNFPs with compliance. He stated that FBR staff will go to the offices of real estate associations to help them fill out the surveys.

The inspections will continue to be conducted in a polite manner in collaboration with real estate brokers, and the FBR will also remain engaged with realtors through its committee in order to address any concerns.

The FBR chairman informed members of real estate groups about the FATF’s standards for DNFBPs and urged the FBR and real estate agents to work together to combat money laundering and terrorist financing.

The conference was attended by Ejaz Khan and Sardar Tahir, chairman, and president of the Federation of Realtors Pakistan, as well as office-bearers from the provinces’ real estate organizations.

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