Islamabad: Punjab Vice President Federation of Realtors (FOR) and General Secretary of Real Estate Consultants Association (RECA) Muhammad Ahsan Malik on Monday said that developers and realtors have been issued over 20,000 notices by the Federal Board of Revenue (FBR) for compliance under the Anti-Money Laundering Act, 2010, according to news sources.
He was addressing a news conference where he hinted that authorities of Designated Non-Financial Business and Professions (DNFBPs) might soon be inspecting offices of the property dealers, investors, developers, jewellers after the budget is announced.
Mr Malik was of the view that compliance with so many laws, conditions and requirements (including the hiring of consultants and chartered accountant) can prove to be difficult. He related that it cannot be expected of a property dealer to always figure out the income source of investors.
Moreover, Mr Malik suggested that separate laws and compliance criteria should be devised for each business category based on their mode of operation. He proposed that compliance with the legal requirements should be subjected to housing, revenue and development authorities instead of individual developers and realtors.
Another source has also reported that the Federal Board of Revenue (FBR) has moved 50,000 notices to registered real estate agents, money changers, jewellers, and other professionals under DNFBPs for failing to comply with Financial Action Task Force (FATF) conditions pertaining to generation of Suspicious Transaction Reports (STRs).