KARACHI: Under anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations, all real estate brokers are required to register with the Federal Board of Revenue (FBR).
The FBR imposed a condition on all housing schemes, development authorities, cooperative housing authorities, and realtors for property transfer or registration, according to a notification.
“No public or private Development Authority shall conduct business with any real estate agent for the transfer or registration of immovable property unless the Real Estate Agent is registered as a Designated Non-Financial Business and Profession (DNFBP) with the Federal Board of Revenue,” according to the notification.
Once registered with the FBR, real estate brokers must receive a registration certificate from the DNFBP director in question, according to the notification.
The FBR warned that “Any violation of this condition shall attract the penalty provision under AML Act 2010 and AML/CFT sanction rules 2020.” The condition will come into effect on January 1, 2022.
The Federal Board of Revenue (FBR), formerly known as the Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, and money laundering and makes regulations of the collection of tax. FBR operates through Inspectors-IR that keep tax evaders under surveillance, assess taxable incomes and perform special tasks for FBR Headquarters. FBR performs the role of collection of taxation in the country from all individuals and businesses.
