{"id":79225,"date":"2021-08-31T12:35:42","date_gmt":"2021-08-31T07:35:42","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=79225"},"modified":"2021-09-01T12:21:59","modified_gmt":"2021-09-01T07:21:59","slug":"four-step-mechanism-developed-realtors","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/four-step-mechanism-developed-realtors.html","title":{"rendered":"Four-step reporting mechanism developed for realtors to flag suspicious transactions"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Islamabad:\u00a0 The Federal Board of Revenue (FBR) \u2013 on the directions of the National Coordination Committee (NCC) on Financial Action Task Force (FTAF) &#8211; has defined the reporting requirements of real estate related transactions by making a 4 step compliance mechanism, news sources reported.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-audit-dealerships-meet-fatf-requirements.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to audit property dealerships to meet FATF requirements<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the details, FBR has directed the 22,000 <a href=\"https:\/\/www.zameen.com\/news\/fbr-launch-dnfbps-web-portal-realtors.html\" data-type=\"post\" data-id=\"72590\" target=\"_blank\" rel=\"noreferrer noopener\">Designated Non-Financial Business and Professions (DNFBPs) <\/a>to cooperate with the FBR in fulfilling the international FATF compliance requirements.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Previously, FBR had developed a four-page long datasheet to be filled by the realtors at the time of buying and selling of property. However, the updated mechanism is simplified as a result of deliberations between the members of the National Coordination Committee (NCO) and the realtors association.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After the new development, a list has been shared with Pakistan by the United Nations containing the names of 4,500 proscribed persons. The four-step process is as follows:\u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-audit-dealerships-meet-fatf-requirements.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to audit property dealerships to meet FATF requirements<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the time of buying and selling a property, the agent or DNFBPs will look up the person&#8217;s name and CNIC on the FBR&#8217;s list of proscribed persons. If a person is not on the list, the transaction will advance to the next payment step. If the individual is discovered to be on the list, a Suspicious Transaction Report (STR) will be created and forwarded to the authorities.\u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Copies of purchasers&#8217; and sellers&#8217; CNICs will be maintained for future reference. Realtors are expected to keep a record of transactions over a period five years.\u00a0 The buyer and seller would also fill out a document indicating who is the true beneficial owner of the property. This would improve the money trail mechanism&#8217;s tracing.\u00a0 The payment would be paid through the purchaser&#8217;s bank account for the stated value of the FBR value or DC rate of the property, as applicable. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-steel-fixed-value-sales-tax.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR notifies steel products\u2019 fixed value for taxation purposes<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the acquisition of immovable properties, a money Trail must be available. After the passage of the new Terms of References (ToRs) the realtors who have not been registered with FBR as DNFBPs will either be directly dealt with through the DNFBPs directorate or they will work under other registered DNFBPs.\u00a0\u00a0<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad:\u00a0 The Federal Board of Revenue (FBR) \u2013 on the directions of the National Coordination Committee (NCC) on Financial Action Task Force (FTAF) &#8211; has defined the reporting requirements of real estate related transactions by making a 4 step compliance mechanism, news sources reported.\u00a0 Read: FBR to audit property dealerships to meet FATF requirements According to the details, FBR has directed the 22,000 Designated Non-Financial Business and Professions (DNFBPs) to cooperate with the FBR in fulfilling the international FATF compliance requirements.\u00a0\u00a0 Previously, FBR had developed a four-page long datasheet to be filled by the realtors at the time of buying and selling of property. However, the updated mechanism is simplified as a result of deliberations between the members of the National Coordination Committee (NCO) and the realtors association.&nbsp;&nbsp; After the new development, a list has been shared with Pakistan by the United Nations containing the names of 4,500 proscribed persons. The four-step process is as follows:\u00a0 Read: FBR to audit property dealerships to meet FATF requirements At the time of buying and selling a property, the agent or DNFBPs will look up the person&#8217;s name and CNIC on the FBR&#8217;s list of proscribed persons. If a person is not on&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[47857,12406,47858],"persona":[],"class_list":["post-79225","post","type-post","status-publish","format-standard","has-post-thumbnail","category-legal-taxation","tag-designated-non-financial-business-and-professions-dnfbps","tag-fbr-forms-fatf-cell-to-curb-money-laundering","tag-four-step-mechanism-for-realtors","cat-15015-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Four-step reporting mechanism developed for realtors - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad:\u00a0 The Federal Board of Revenue (FBR) \u2013 on the directions of the National Coordination Committee (NCC) on Financial Action Task Force (FTAF) -\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/four-step-mechanism-developed-realtors.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Four-step reporting mechanism developed for realtors - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad:\u00a0 The Federal Board of Revenue (FBR) \u2013 on the directions of the National Coordination Committee (NCC) on Financial Action Task Force (FTAF) -\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/four-step-mechanism-developed-realtors.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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