ISLAMABAD: To comply with the Financial Action Task Force (FATF) requirements, the Federal Board of Revenue (FBR) has asked the real estate sector to submit the record of all business transactions of the current and previous financial year.
According to sources in the FBR, all the real estate agents are bound to submit the record of all financial transactions to the FBR regional offices.
The tax watchdog also directed the real estate agents to submit details of their respective clients’ financial transactions and sale/purchase agreements.
The FBR further asked the real estate dealers to submit details of their affluent clients and record their business dealing with the financial institutions.
To date, Pakistan has made progress across all action plan items and has now primarily addressed 24 of the 27 action items of the FATF.
A note on the FATF website said Pakistan “should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies”.
1) demonstrating that TF (terrorism financing) investigations and prosecutions target persons and entities acting on behalf or at the direction of the designated persons or entities;
2) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; and
3) demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf.
“The FATF takes note of the significant progress made on the entire action plan. To date, Pakistan has made progress across all action plan items and has now largely addressed 24 of the 27 action items,” the statement read.
“As all action plan deadlines have expired, the FATF strongly urges Pakistan to complete its full action plan before June 2021 swiftly,” it said on the website.
