Govt to restrict cash use in real estate to curb money laundering 

Authority identifies unregistered real estate businesses as a part of money laundering, causing losses to the national exchequer

The federal government has decided to restrict cash use and implement reforms in the real estate sector to curb money laundering and terror financing.

A private television channel reported that these decisions were made in a meeting of the National Anti-Money Laundering and Counter Financing of Terrorism Authority, chaired by Ahmed Sukera, during the first week of May.

The meeting also appointed Ehsan Sadiq, a BPS-21 officer, as the Authority’s director general. Other officials will be appointed on deputation to operationalise the authority, with permanent staff to be hired after finalizing the relevant rules and regulations.

The meeting reviewed the progress on implementing the Internal National Action Plan (INAP) concerning cash in organised crimes. It identified unregistered real estate businesses as a part of money laundering, causing significant revenue losses to the national exchequer. The authority decided to seek provincial suggestions on real estate sector reforms.

In March, the federal government announced plans to restructure the National Counter-Terrorism Authority (Nacta) amid rising terrorist attacks.

Monitoring Desk
Monitoring Desk
Our monitoring team diligently searches the vast expanse of the web to carefully handpick and distill top-tier business and economic news stories and articles, presenting them to you in a concise and informative manner.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Roshan Digital Account remittances rise over $8.055 billion by May

Overseas Pakistanis invest $338 million in Naya Pakistan Certificates, $582 million in Naya Pakistan Islamic Certificates, and $37 million in Roshan Equity Investment by end of May