Real estate agents, jewellers, others: FBR operationalises new directorate to check money laundering

ISLAMABAD: The Federal Board of Revenue (FBR) has operationalised the Directorate General of Designated Non Financial Business and Professions (DNFBPs) here to regulate and monitor real estate agents, housing authorities, real estate developers/builders, property dealers, jewellers/gem dealers and accountants to check money laundering/terrorist financing in these sectors.

The FBR has issued a notification here on Wednesday.

Under the Anti-Money Laundering Act, 2010, the DNFBPs covers real estate agents, including housing authorities, builders, real estate developers and property dealers; dealers in precious metals and precious stones, including jewelers and gem dealers; lawyers, notaries, other legal professionals, accountants, trusts and company service providers, etc.

According to the FBR’s notification, consequent upon the operationalization of Directorate General of Designated Non Financial Business and Professions (DNFBPs) at Islamabad, the following officers of Inland Revenue Service (BS-21/20) are hereby assigned the Additional Charge of the posts: Dr. Bashirullah Khan (IRS/BS-21) Director General, Directorate General of Intelligence and Investigation (IR), Islamabad has been given additional charge of the post of Director General, Directorate General of Designated Non Financial Business and Professions (DNFBPs).

Zafar Iqbal Khan (IRS/BS-20) Director, Directorate General of Intelligence and Investigation (IR), Islamabad has been given additional charge of Director (Regulations), DNFBPs Islamabad. Ahmad Kamal (IRS/BS-20) Director, Directorate of Intelligence and Investigation (IR), Lahore has been given additional charge of Director (Regulations), DNFBPs, Lahore and Asem Iftikhar (IRS/BS-20) Director, Directorate of Intelligence and Investigation (IR), Karachi has been given additional charge of the post of Director (Regulations), DNFBP.

Officials told Business Recorder that the FBR has decided to completely document business of real estate agents and jewellers, who would be required to maintain record of actual beneficial owners of immovable properties and jewellery, respectively, and report all suspicious transactions of their buyers/sellers to the FBR.

The board has now directed them to get registered with the FBR and ensure Customer Due Diligence (CDD).

Under the regulations, every DNFBP shall be registered with the board.

The DNFBP shall provide any information or documentation that may be required by the board for the purposes of registration or keeping the DNFBP registration up-to-date, including but not limited to criminal records of the senior management and beneficial owners.

Copyright Business Recorder, 2020