Islamabad: The Federal Board of Revenue (FBR) has increased monitoring of Designated Non-Financial Businesses and Professions (DNFBPs) to implement anti-money laundering (AML) and counter finance terrorism (CFT) provisions, a news source reported on Nov 9. The provisions were agreed upon by the government with the Financial Action Task Force (FATF) to counter money laundering and terror financing.
As per the details, the government of Pakistan declared the FBR as the authorised AML and CFT regulatory authority to oversee real estate agents and dealers of precious metals and stones (DPMS). In this regard, FBR earlier launched a registration campaign for all real estate agents throughout the country to prevent proscribed/designated persons from investing illegally in the real estate sector. It also launched an app and website containing a list of proscribed persons with their CNICs to generate real-time Suspicious Transaction Reports (SRTs).
It was also revealed that FBR has met the FATF’s targets in a single reporting cycle before the September 2022 deadline. In this regard, DNFBP Director General Mohammad Iqbal and his staff inspected several DNFBP and levied hefty fines.
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.
