FBR issues notice to real estate agents, jewelers, and money changers

The Federal Board of Revenue has issued over 50,000 notices to registered real estate agents, money changers, jewelers, and other professionals under designated non-financial business and professions (DNFBPs) over non-compliance of registration with FATF conditions in respect to generating Suspicious Transaction Reports (STRs).

The STRs are called to be generated if they find that buyers are making investments beyond their legal sources of income.
The notices were issued to all the developers and builders in Pakistan that included non-compliance of registration with the FBR, those who delayed in submitting Offsite Monitoring Questionnaire and implementation regarding provisions of Anti-Money Laundering Act, 2010.

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