ISLAMABAD: The Federal Board of Revenue (FBR) issued a notice to real estate agents and builders to share data regarding all buyers/sellers before negotiating a deal to prevent terrorists from entering real estate deals in compliance with the Financial Action Task Force (FATF) conditions.
In this regard, FBR has launched an app and published 4,500 proscribed terrorist records on it. Under this initiative, if the real estate agents find a match of any CNIC information of a buyer/seller on the app, the app will generate an automatic Suspicious Transaction Report (STR). Additionally, the agents are also required to maintain records of all prospects.
In all cases, the buyers/sellers would need to file a form about the property’s actual beneficial owner. Even if a third party is involved in brokering the deal on someone else’s behalf, the FBR requires them to submit the aforementioned form.
The FBR has also provided a list of reporting requirements and various functions of the real estate builders/developers. They are registered as Designated Non-Financial Business and Professions (DNFBPS).
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