Islamabad: According to news reports, Punjab Vice President Federation of Realtors (FOR) and General Secretary of Real Estate Consultants Association (RECA) Muhammad Ahsan Malik said on Monday that the Federal Board of Revenue (FBR) has issued over 20,000 notices to developers and realtors for compliance with the Anti-Money Laundering Act, 2010.
He was speaking at a press conference when he intimated that after the budget is revealed, authorities from the Designated Non-Financial Business and Professions (DNFBPs) might be checking offices of property dealers, investors, developers, and jewellers.
Compliance with so many laws, conditions, and requirements (including the hiring of consultants and chartered accountants) can be tough, according to Mr Malik. He explained that a property dealer cannot be expected to always figure out an investor’s source of income.
Mr Malik also advised that separate regulations and compliance criteria be created for each business type based on how they operate. He advocated that housing, revenue, and development authorities, rather than individual developers and realtors, be in charge of ensuring compliance with the law.
According to another source, the Federal Board of Revenue (FBR) has issued 50,000 DNFBP notifications to registered real estate agents, money changers, jewellers, and other professions for failing to comply with FATF rules for the compilation of Suspicious Transaction Reports (STRs).