Islamabad: According to a recent piece of news, the government has announced in order to comply with the Financial Action Task Force (FATF) laws, the government has decided to inspect property dealers’ offices across the country.
The steps follow the FATF’s decision to keep Pakistan on the grey list after a review. The government has cooperated with the FATF’s request that real estate developers be registered with central monitoring organisations so that dubious real estate activities may be monitored.
The Department of Inland Revenue of the Federal Board of Revenue (FBR) would audit the offices of registered property dealers across Pakistan during the proceedings. Previously, the FBR had registered over 22,000 property dealers after realtors were designated as Designated Non-Financial Business and Professions (DNFBPs) under the 2010 Anti-Money Laundering Act, which will aid in the tracking of suspicious transactions.
Authorities will investigate the offices of realtors and other DNFBPs (including investors, developers, and jewellers) when the budget is released, according to previous reports. This move is likely to enhance Pakistan’s status and remove it from the grey list, allowing the country’s business environment to improve.
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