ISLAMABAD: A meeting was held with the real estate associations from all over Pakistan at Federal Board of Revenue, HQ. The meeting was presided over by Dr. Muhammad Ashfaq Ahmed, Chairman FBR and attended by DG DNFBPs Mohammad Iqbal. Ejaz Khan and Sardar Tahir, Chairman and President of the Federation of Realtors Pakistan, and office bearers from the real estate associations from all the provinces participated in the meeting.
The Chairman FBR in his opening remarks apprised the participants about the FATF requirements in relation to DNFBPs and stressed upon collective and continued efforts by FBR and Real Estate Agents to combat money laundering and financing of terrorism.
Afterwards, the session was opened for discussion wherein the representatives of real estate sector apprised FBR of their issues and asked questions in relation to implementation of FBR Regulations. DG DNFBPs responded to the questions and informed the participants that FBR would soon issue a shorter version of guidelines and a simplified Customer Due Diligence (CDD) in English and Urdu. The number of questions in the questionnaire will also be reduced as far as possible and made available to the real estate agents in Urdu, he added.
DG, DNFBPs further informed that FBR would continue facilitating the DNFBPs for compliance by sending its teams to visit offices of the real estate associations for assistance in filling the questionnaires. The inspections will continue to be undertaken in coordination with the real estate agents in a courteous manner. FBR will also remain engaged with the realtors through its committee for addressing any issues.
DG, DNFBPs lauded the role played by Ejaz khan, Sardar Tahir, Ahsan Malik and others for the continued engagement with FBR and expected that the real estate agents would continue to comply with the AML/CFT regulations.