Pakistan’s tax body has imposed a condition on builders and developers under the Anti-Money Laundering Act, 2010 regarding transfer and registration of property.
In this regard, the Federal Board of Revenue (FBR) issued a notification, saying that the AML 2010 empowered the revenue board, inter-alia, to licence or register its reporting entities, namely; designated non-financial businesses and professions (DNFBPs), impose conditions on any activities by DNFBPs to prevent the offences of money laundering, predicate offences or financing of terrorism through issuance of the directives or imposing conditions under the relevant provisions of the AML Act, 2010.
The real estate agents may also be informed to obtain registration certificates from the relevant director of DNFBPs once registered as a DNFBP with the FBR.
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