FBR imposes new conditions on the real estate sector

By: News Desk
Published: 07:45 PM, 25 Jan, 2022
FBR imposes new conditions on the real estate sector
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Implementing the FATF's terms, the Federal Board of Revenue (FBR) imposed some new conditions on the real estate sector on Tuesday.

According to the 24News HD TV channel, the FBR has restricted the designated non-financial businesses and professions (DNFBPs) to go into a business or dealing with a person linked to any convicted person.

The FBR has also imposed a ban on the property dealers and real estate agents to give any senior position to the convicted persons in their businesses and professions.

The FBR also restricted the real estate business holders to even go with trade with the beneficial owner of the convicted persons.

The FBR directed the DNFBPs that they should inform the board on changes in the Beneficial Owner or senior positions.

The FBR also issued the notification in this regard and explained that it has made the new conditions to curb money laundering and terrorist financing.

Reporter: Waqas Azeem