ISLAMABAD: The Federal Board of Revenue (FBR) has notified new curbs over the real estate sector to meet the conditions of the Financial Action Task Force (FATF), ARY News reported on Wednesday.
According to the amendments made by the FBR into the Anti-Money Laundering, Counter Terror Financing Regulations, a ban has been slapped over the real estate sector over dealing with any proscribed organisations and criminals.
Business dealings with convicted people are prohibited, the notification issued by the country’s supreme tax collection body read.
It is an important development with regard to compliance with the FATF conditions.
Real estate agents and builders will be required to check the credentials of proposed buyers and sellers of properties before a deal in a bid to prevent proscribed terrorists from making property deals.
Read more: FBR wants over Rs2m cash transaction for sale, purchase of property reported
Earlier, the FBR said every cash transaction worth Rs2 million or above for the purpose of sale or purchase of property is required to be reported.
The FBR issued guidelines for real estate agents (REAs) under the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regime brought in to meet the requirements of the Paris-based Financial Action Task Force (FATF).
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