Islamabad: In order to meet the conditions set by the Financial Action Task Force (FATF), the Federal Board of Revenue (FBR) has implemented more restrictions on registered real estate agents, according to a news published on January 25.
The FBR posted a notification on Tuesday which outlined that new conditions, under which all business deals with people convicted for crimes will be banned. The real estate firms’ executives will also be facing scrutiny. It is ruled that a convicted person cannot work at Designated Non-Financial Business and Professions (DNFBP).
The FATF has highlighted certain ‘non-financial’ businesses for their susceptibility to money laundering and terror financing, and real estate dealers and developers top the list. Under the new regulations, a convicted person cannot become a beneficial owner or hold a senior position in DNFBPs. These regulations aim to effectively expel all convicts from the property sector.
The property dealers and other DNFBPs will also be required to report changes in beneficial owners of senior executives to the government. Previously, the government made it mandatory for realtors to get registered with the board.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
