Islamabad: The government on Monday (July 26) has announced its decision to audit property dealers’ offices across the country in a bid to comply with the Financial Action Task Force (FATF) regulations, news sources reported.
The actions follow the FATF’s review decision to maintain Pakistan on the grey list. The government has complied with the FATF requirement of registering real estate developers with central monitoring agencies in order to monitor questionable real estate activity.
During the proceedings, the Department of Inland Revenue of the Federal Board of Revenue (FBR) will audit the offices of the registered property dealers across Pakistan. Previously, the FBR has registered over 22,000 property dealers, as realtors were declared Designated Non-Financial Business and Professions (DNFBPs) that will help track suspicious transactions under Anti-Money Laundering Act, 2010.
Previously, it was announced that authorities will be inspecting offices of realtors and other DNFBPs (including investors, developers, jewellers) after the budget is announced. This maneuver is expected to improve Pakistan’s position and get it off the grey list to improve the business environment in the country.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
