The Federal Board of Revenue FBR has requested the cooperation of real estate associations all over the country to meet requirements of the Financial Action Task Force (FATF) in relation to non-financial businesses and professions to combat money laundering and financing of terrorism.
FBR chairman Dr Muhammad Ashfaq Ahmed held a meeting with representatives of real estate associations here on Sunday and expressed the hope that they would continue to comply with the anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations.
It was decided that FBR would soon issue a shorter version of guidelines and a simplified Customer Due Diligence (CDD) in English and Urdu languages. The number of questions in the questionnaire will be reduced as far as possible and made available to real estate agents in Urdu.
FBR director general of Non-Financial Businesses and Professions (DNFPs) Mohammad Iqbal responded to questions of the association members, assuring them that bureau would continue facilitating the DNFPs for compliance. He said FBR teams would visit offices of real estate associations for assistance in filling out the questionnaires.
