Karachi: The Sindh government is working on a set of regulations to prevent money laundering through real estate transactions, following a request from the National Anti-Money Laundering and Counter Financing of Terrorism Authority.
Sindh Local Government Minister Saeed Ghani chaired a high-level meeting on Monday to discuss proposals aimed at eliminating cash transactions in property dealings and ensuring financial transparency in the sector.
The meeting was attended by senior officials from the Sindh Board of Revenue, the home department, and representatives from the Association of Builders and Developers (ABAD), as well as real estate brokers from Karachi’s DHA and Clifton areas.
Discussions focused on implementing a mandatory banking channel for property transactions and amending the Registration Act to discourage undocumented deals. A proposed code of ethics for regulating the real estate sector was also reviewed.
The recommendations will be forwarded to the federal government once finalized. A follow-up meeting has been scheduled for March 24 to refine the proposals further.
Authorities believe these measures will help curb illicit financial flows and align real estate transactions with international anti-money laundering standards.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
