FBR Certified Property Dealers Strike Fear Into Customers
FBR officials will be in contact with these property dealers and real estate agents to keep track of the consumers involved in illegal trading of properties
The Federal Board of Revenue (FBR) has rung alarm bells for tax evaders after it registered nearly 22,000 property dealers in light of the conditions set by the Financial Action Task Force (FATF) to curb money laundering.
Sources said all registered property dealers are authorized to hand in information regarding suspicious investors to the revenue board.
The decision would assist in identifying suspicious investors involved in money laundering or who use illicitly-earned money in the real estate sector.
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Moreover, the revenue board has designed Designated Non-Financial Business and Professional (DNFBP) to supervise corruption in the property sector through special procedures defined by FATF.
Under SRO 924, FBR has designated various professional entities to meet the anti-money laundering and counter-financing of terrorism (AML/CFT) requirements of FATF.
Therefore, all certified property brokers will provide details of client relationships and services as well as report transactions of high-risk clients.
The property dealers or real estate agents failing to do so will be entitled to legal action by FBR.
These dealers will be directly affiliated with the revenue body and all relevant information and special guidelines will be communicated to them for meeting FATF’s targets.
FBR officials will be in contact with these property dealers and real estate agents to keep track of the consumers involved in illegal trading of properties.
