Pakistan's builders and developers now conditioned by AML law

Wednesday 1 December 2021 09:15 CET | News

Pakistan’s tax body has imposed a condition on builders and developers under the Anti-Money Laundering Act, 2010 regarding transfer and registration of property.

In this regard, the Federal Board of Revenue (FBR) issued a notification, saying that the AML 2010 empowered the revenue board, inter-alia, to licence or register its reporting entities, namely; designated non-financial businesses and professions (DNFBPs), impose conditions on any activities by DNFBPs to prevent the offences of money laundering, predicate offences or financing of terrorism through issuance of the directives or imposing conditions under the relevant provisions of the AML Act, 2010.

The real estate agents may also be informed to obtain registration certificates from the relevant director of DNFBPs once registered as a DNFBP with the FBR.

The revenue board said the conditions would be disseminated to all the real estate agents registered or dealing with the development authorities, housing authorities, cooperative housing societies and other housing schemes, dealing with the development of land for residential and commercial purposes, construction, and sale/purchase and/or transfer of ownership rights and also displayed on all relevant places for the information of general public.

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Keywords: AML, financial crime, regulation, CFT
Categories: Fraud & Financial Crime
Countries: Pakistan
This article is part of category

Fraud & Financial Crime