Islamabad: The government has unilaterally registered all tax returns-filing realtors as Designated Non-Financial Business and Professions (DNFBPs) and according issued directives for them to share client details and property transactions after undergoing proper customer due diligence, according to a news source published on March 25.
This development is part of the efforts on part of the government to satisfy the anti-money laundering and counter-financing of terrorism (AML/CFT) requirements of the Financial Action Task Force (FATF). Under this decision, over 20,000 registered real estate brokers are now designated as DNFBPs and have been given a four-page questionnaire to be submitted online after filling in seven days.
The notices issued to the tax returns-filing realtors realtors have been warned of legal consequences in case of non-compliance or partial compliance. The realtors will be providing details of client relationship and services – while also reporting high-risk clients, local and foreign politically exposed persons and high net worth individuals (including non-resident customers).
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.
