FBR tightens nose around real estate developers and agents to pull Pakistan out of FATF Grey List

Since the June of 2018, the Financial Action Task Force (FATF) has placed Pakistan in the ‘Grey List’ for loopholes in its anti-money laundering and counter-terror financing laws and regulations. In this wake, the Federal Board of Revenue (FBR) has started tightening its nose around real estate developers and agents to pull Pakistan out of the FATF grey list.

On Tuesday, FBR issued a notification imposing new restrictions on property dealers, builders or anyone associated with the real estate of Pakistan to meet requirements entailed by FATF.

As per recent real estate laws, every stakeholder in this sector will face scrutiny. The people guilty of crimes will neither be allowed to carry out business activities nor get a job at any Designated Non-Financial Business and Professions (DNFBP). It is being reminded the real estate sector of Pakistan tops this list of DNFBPs.

In December 2020, the Government of Pakistan had made it compulsory for people to register their real estate businesses with FBR. Now, more restrictions are on the crease to clip the wings of illegal property businesses.

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