Islamabad: The Federal Board of Revenue (FBR) has restrained the issuance of no-objection certificate (NOC)/approval/permission to unregistered real estate development authorities or housing societies, according to a news published on March 1.
As per the details, the board has restricted Public Sector Development Departments/authorities from issuing NOCs to real estate development authorities or housing societies if they aren’t registered with FBR as a Designated Non-Financial Business and Profession (DNFBP).
The board referred to the Anti-Money Laundering Act, 2010, which empowers it, inter alia, to license/register DNFBPs and impose conditions to conduct any activities by the DNFBPs and issue directions in regards to the relevant provisions for the said law.
The new regulation is aimed to strengthen anti-money laundering and curb the financing of terrorism regimes in the country. The regulation also dictates that aside from being registered DNFBP, the authorities and societies also need to have an appointed or nominated AIVIL/CFT Compliance Officer.
The FBR maintained that Public Sector Development Departments/authorities will also be obligated to ensure that previously approved Real Estate Authorities or Societies running operations in their jurisdictions are registered and have an appointed or nominated AIVIL/CFT Compliance Officer.
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.
