Islamabad: The Federal Board of Revenue (FBR) has empowered certain officials of the Directorate General of Intelligence and Investigation Inland Revenue, Regional Tax Offices, and Model Customs Collectorates to monitor, regulate and document developers/builders under the Anti-Money Laundering Act, 2010 — a news source reported on January 7. These officials will assist the Directorate General (DG) of Designated Non-Financial Business and Professions (DNFBP) in the performance of its duties.
According to the details available, the said officials will also be monitoring jewellers, gem dealers, and accountants. DNFBP has further been empowered to take action against real estate agents, housing authorities, real estate developers/builders, property dealers, jewellers, gem dealers, and accountants that are being investigated for money laundering under the Anti-Money Laundering Act, 2010.
The powers of these officials also include licensing or registration of individuals working in these professions. Additionally, they will be able to impose any conditions on activities in order to prevent money laundering or terror financing. They will also have the power to issue regulations, directions, and guidelines on the matter.
