Islamabad: Federal Board of Revenue (FBR) Chairman Dr Muhammad Ashfaq Ahmed on Sunday (September 05) met with representatives of real estate associations to ask them to cooperate with the government in order to be removed from the Financial Action Task Force (FATF)’s grey list, news sources reported.
On the occasion, the chairman stated that the department will soon publish redesigned and simpler versions of Customer Due Diligence (CDD) forms in Urdu and English to increase transparency. In addition, the new revised CDD will include fewer questions to make it easier for realtors to understand. In addition, FBR personnel will visit the offices of real estate agents registered under Non-Financial Businesses and Professions (DNFBPs) to train and assist them in filling out the paperwork. The announcement comes after the government registered over 22,000 real estate agents across the nation under the DNFBP to comply with FATF standards to enforce anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations.
FBR Director General Non-Financial Businesses and Professions (DNFPs) Mohammad Iqbal, as well as Ejaz Khan and Sardar Tahir, chairman and president of the Federation of Realtors Pakistan, and office bearers from real estate groups from the provinces, attended the meeting.
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.
