FBR bans criminal offenders from holding ownership, interest in DNFBPs

The Federal Board of Revenue (FBR) has directed Designated Non-Financial Businesses and Professions (DNFBPs) to ban convicted or criminal offenders from holding any ownership or controlling interest.

The FBR has declared precious stones dealers, real estate developers and agents, law firms, accounting firms and audit firms as DNFBPs as per the guidelines of Financial Action Task Force (FATF).

According to new amendments made in FBR Anti-Money Laundering and Countering Financing of Terrorism Regulations for DNFBPs, 2020, every DNFBP will have to ensure that it has measures in place to prevent any person who has been convicted of a criminal offense or any associate of such a person from holding any ownership or controlling interest in the DNFBP, being the beneficial owner(s) of the DNFBP or from holding any senior management or board position in the DNFBP. 

In addition, every DNFBP will also have to notify the FBR of any change in ownership or controlling interest in the DNFBP.

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