ISLAMABAD: The Federal Board of Revenue (FBR) has initiated onsite inspections of several offices of the real estate agents as per the conditions provided by the Financial Action Task Force (FATF).
The decision has been made to generate Suspicious Transaction Reports (STRs) by assessing the data of the customers and their backgrounds.
Pakistan has decided to take strict action against law violators and have thus decided to implement effective monitoring with a penalty system to keep a check on nefarious activities. Those violating the rules will have their businesses sealed after they fail to comply with FATF requirements.
According to details, a Non-Designated Financial and Banking Professions (DNFBP) wing has been established by the FBR under the Intelligence & Investigation (I&I) Inland Revenue Service (IRS). Presently, notices have been issues to around 50,000 real estate agents, accountants and jewellers.
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