Islamabad: According to a news source, the Federal Board of Revenue (FBR) has enhanced its monitoring of Designated Non-Financial Businesses and Professions (DNFBPs) in order to execute anti-money laundering (AML) and counter-financial terrorism (CFT) requirements. To combat money laundering and terror funding, the government and the Financial Action Task Force (FATF) agreed on the rules.
According to the details, the Pakistani government designated the FBR as the authorised AML and CFT regulatory authority to supervise real estate brokers and precious metals and stone dealers (DPMS).
In this regard, the Federal Bureau of Investigation (FBI) has previously begun a registration effort for all real estate agents across the country in order to prevent proscribed/designated persons from illegally engaging in the real estate market. It also created an app and website with a list of prohibited individuals and their CNICs that can be used to generate real-time Suspicious Transaction Reports (SRTs).
The FATF’s targets were likewise met by FBR in a single reporting cycle before the September 2022 deadline. In this regard, DNFBP Director General Mohammad Iqbal and his team examined a number of DNFBP offices and slapped substantial fines on them.