In order to meet the requirements of FATF, the govt. has unilaterally registered all tax returns-filing real estate dealers as Designated Non-Financial Business and Professions (DNFBPs) and directed them to provide full details of their clients and property transactions after completing customer due diligence. Under SRO 924, FBR has designated various professional entities as DNFBPs to meet the anti-money laundering and counter-financing of terrorism (AML/CFT) requirements of FATF. More than 20,000 real estate brokers, who are tax filers and have now been designated as DNFBPs, have also been given a four-page questionnaire containing 86 questions to submit online within seven days. Among a number of other things, brokers have also been asked to identify clients and report the number of transactions related to “high-risk countries or areas.
25/3/2021