It is essential for real estate agents to register with FBR
ISLAMABAD: Real estate agents will be required to register with the FBR as Designated Non-Financial Businesses and Professions (DNFBP) under the Anti-Money Laundering Act 2010 (AMLA 2010) after the Federal Revenue Council (FBR ) on Monday slapped a condition on all housing programs, development authorities, cooperative housing authorities and real estate agents for the transfer or registration of real estate.
This condition will apply unless the real estate agent was already registered with the RBF. Under the condition, it is mandatory for real estate agents to register with FBR and share buyer and seller data and issue a Suspicious Transaction Report (STR), if they find someone to help them. procure real estate assets beyond its known means.
The RBF and realtors had reached a deal last month whereby realtors would review the list of banned organizations or individuals to facilitate any plot transactions.
The leader of the Association of Realtors, Ahsan Malik, when contacted on Monday evening, said that the FBR had issued instructions in accordance with the agreement reached with the realtors and that it was now necessary to put implementing this agreement in his true spirit.
According to order number 1 of the DNFBP issued by FBR here Monday, the 2010 LBA empowers the Federal Board of Revenue (FBR), among others, to authorize or register its reporting entities (ROs), namely non-financial businesses and professions. designated (DNFBP), impose conditions on any activity of DNFBPs aimed at preventing money laundering, predicate or terrorist financing offenses by issuing instructions or imposing conditions under the relevant provisions of the AMLA 2010.
Now, in the exercise of the powers conferred under Article 6A of the 2010 AMLA read with clause 1 (iii) of Annex IV ibid, and to promote the anti-money laundering regime and the Terrorism Financing (LAB / CFT) in Pakistan, the FBR has imposed the following condition on all “Real Estate Development Authorities, Housing Co-operative Companies and all other housing companies, programs and businesses dealing with real estate, to namely: – Condition n ° 1 of 2021 No public or private development authority should exercise commercial activity with any real estate agent for the transfer or registration of real estate, unless the real estate agent is registered with the Federal Income Council as a Designated Non-Financial Business and Profession (DNFBP).
“The above condition should be disseminated to all real estate agents registered or dealing with development authorities, cooperative housing companies of housing authorities and other housing programs dealing with development of land for residential purposes. and commercial, construction and sale / purchase and / or transfer of ownership rights and also displayed in all relevant places for the information of the general public. Real estate agents may also be notified to obtain a certificate of registration to the director of the DNFBPs concerned once registered as an EPNFD with the FBR.Any violation of this condition will result in the penal provision under the AML 2010 law and the AML / CFT 2020 sanction rules. This condition comes into force. January 1, 2022.