ISLAMABAD: The Federal Board of Revenue has sought cooperation of real estate associations all over the country to meet requirements of the Financial Action Task Force (FATF) in relation to non-financial businesses and professions to combat money laundering and financing of terrorism.
A meeting in this regard was held with the real estate associations from all over Pakistan at Federal Board of Revenue, HQ. The meeting was presided over by FBR Chairman Dr Muhammad Ashfaq Ahmed and attended by DNFBPs DG Mohammad Iqbal. Chairman and president of the Federation of Realtors Pakistan, Ejaz Khan and Sardar Tahir, and office bearers from the real estate associations from all the provinces participated in the meeting.
The FBR chairman apprised the participants about the FATF requirements in relation to DNFBPs and stressed upon collective and continued efforts by FBR and Real Estate Agents to combat money laundering and financing of terrorism.
It was decided that FBR would soon issue a shorter version of guidelines and a simplified Customer Due Diligence (CDD) in English and Urdu languages. The number of questions in the questionnaire will be reduced as far as possible and made available to real estate agents in Urdu.
FBR director general of Non-Financial Businesses and Professions (DNFPs) Mohammad Iqbal responded to questions of the association members, assuring them that bureau would continue facilitating the DNFPs for compliance. He said FBR teams would visit offices of real estate associations for assistance in filling out the questionnaires.
The inspections will continue to be undertaken in coordination with real estate agents in a courteous manner, and FBR will also remain engaged with realtors through its committee for addressing any issues.
Afterwards, the session was opened for discussion wherein the representatives of real estate sector apprised FBR of their issues and asked questions in relation to implementation of FBR Regulations.
