The Federal Board of Revenue has told real estate agents to keep a record of Customers’ Computerized National Identity Cards and sale agreements to meet with the conditions of the Financial Action Task Force.
Sources confirmed that the representatives of designated non-financial businesses and professions (DNFBPs) had done an important meeting with the real estate consultant association on 17 August for the regulation of DNFBP regulations.
It is compulsary for all registered property dealers to check a list of four and a half thousand people that is available on the DNFBP’s website before buying and selling property, and agents cannot do business with the people whose names are on the list, they added.
They said, “The agents will not only cancel the transaction but they are also bound to give information of the person to the FBR on which the FBR and other agencies will take action against that person”.
