DNFBP registration mandatory to acquire NOCs for housing societies: FBR

ISLAMABAD: Designated Non-Financial Business and Profession (DNFBP) registration is mandatory for real estate development authorities and housing societies – both commercial and residential to acquire NOCs, announced the Federal Board of Revenue (FBR).

“No public sector development department shall provide any NOC/approval/permission to any kind of real estate development authority or housing society (commercial/residential) unless the applicant is registered with the FBR as a Designated Non-Financial Business and Profession (DNFBP) and has also appointed or nominated compliance officer,” the notification stated.

Effective from March 15, 2022, the condition has been imposed on all the public sector development departments to comply with the conditions of the FATF’s anti-money laundering act.

The notification further instructed the public sector development departments to issue the relevant orders immediately and appoint or nominate compliance officers without fail.

In addition, the public sector development department has also been directed to ensure the registration of all real estate authorities and housing societies – previously approved to be registered as DNFBPs with FBR and have appointed or nominated compliance officers.

All real estate development authorities and housing societies can collect registration certificates from the concerned director once registered as DNFBP.

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