FBR intensifies inspections over FATF requirements.

ISLAMABAD -- The Federal Board of Revenue (FBR) has intensified offsite and onsite inspections against Designated Non-Financial Businesses and Professions (DNFBPs) and imposed penalties on a large number of real estate agents for not implementing anti-money laundering and counter finance terrorism regime, Dawn has learnt from knowledgeable sources.

The FBR designated Department of Director General DNFBPs imposed hefty fines on all those real agents who were not willing to register themselves with the board, which is a requirement in compliance with Financial Action Task Force (FATF).

The board has completed actions on DNFBPs in the FATF action plan in just one reporting cycle and one year ahead of the deadlines in September 2022.

The DNFBPs include real estate agents, precious stone dealers, Lawyers, notaries, other independent legal professionals and accountants.

The FBR has simplified the rules to make it easier for DNFBPs to comply with. It has also launched a customised mobile app for the registration by DNFBPs, screening the lists of proscribed/designated persons and generating Suspicious Transaction Reports (SRTs).

In June, the FATF plenary had approved seven new action plans for Pakistan, focusing on combating money laundering. This plan contains two actions specific to DNFBPs, in particular, the real estate agents and Dealers in Precious Metals and Stones (DMPS).

The FBR was already designated as AML/CFT...

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