FATF: Real estate agents to share sellers/buyers information with FBR

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.

invest with imarat

Islamabad’s emerging city centre

Learn More

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).

 

For news and blogs, visit Graana.com.

Maham Tahir

Recent Posts

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

19 hours ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

2 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

3 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

3 days ago

IMARAT Announces Launch of Pakistan’s Largest Sharia-Compliant REIT – A New Era of Real Estate Investment

Islamabad, Pakistan— IMARAT Group, a leading real estate developer and innovator in Pakistan, announces the…

3 days ago

Amma Tower: A Landmark in Urban Living & Commerce

Amma Tower, located in the bustling area of Saddar in Karachi, is a unique blend…

4 days ago