Islamabad: The Federal Board of Revenue (FBR) has announced new rules for Designated Non-Financial Businesses and Professions (DNFBPs) to prevent money laundering and terrorism financing activities, the news sources reported on March 7.
The new rules notified through SRO290 of 2023 will apply to DNFBPs such as jewellers, real estate agents and accountants who are not affiliated with professional bodies. According to the rules, every DNFBP will have to register with the FBR and provide information about their senior management, beneficial owners and customers. The FBR will also monitor their transactions and records for any suspicious or unusual activity.
The FBR has the authority to issue regulations, directions, and guidelines for DNFBPs as well as impose sanctions, including monetary and administrative penalties, on those who violate the Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) requirements.
It is pertinent to mention that the FBR is the AML/CFT regulatory authority for DNFBPs under the AML Act 2010. The new rules are part of Pakistan’s efforts to comply with the international standards set by the Financial Action Task Force (FATF).