The federal government has taken a major step towards fulfilling one of the remaining conditions of the Financial Action Task Force (FATF) Action Plan to get the country’s name struck from the global financial watchdog’s grey list.
Under the new measures, property dealers and realtors will cross check the name of sellers and purchasers of properties in the country with the United Nations list of people involved in money laundering and terrorism financing.
If a name appears in UN’s list, it would be forwarded to the Federal Board of Revenue’s (FBR) director general for the Designated Non-Financial Businesses and Professions (DNFBPs) through a web-based app introduced by the FBR.
