{"id":84216,"date":"2022-03-01T12:10:10","date_gmt":"2022-03-01T07:10:10","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=84216"},"modified":"2022-03-01T12:10:15","modified_gmt":"2022-03-01T07:10:15","slug":"fbr-restricts-nocs-non-registered-housing-authorities","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-restricts-nocs-non-registered-housing-authorities.html","title":{"rendered":"FBR bars issuance of NOCs to non-registered housing authorities, societies"},"content":{"rendered":"\n

Islamabad: The Federal Board of Revenue (FBR<\/a>) has restrained the issuance of no-objection certificate (NOC)\/approval\/permission to unregistered real estate development authorities or housing societies, according to a news published on March 1.<\/p>\n\n\n\n

Read:<\/strong> FBR introduces \u2018Automated Cash Declaration System\u2019 to track currency circulation<\/a><\/p>\n\n\n\n

As per the details, the board has restricted Public Sector Development Departments\/authorities from issuing NOCs to real estate development authorities or housing societies if they aren\u2019t registered with FBR as a Designated Non-Financial Business and Profession (DNFBP).<\/p>\n\n\n\n

The board referred to the Anti-Money Laundering Act, 2010, which empowers it, inter alia, to license\/register DNFBPs and impose conditions to conduct any activities by the DNFBPs and issue directions in regards to the relevant provisions for the said law.<\/p>\n\n\n\n

Read:<\/strong> FATF Conditions: FBR imposes more restrictions on registered real estate agents<\/a><\/p>\n\n\n\n

The new regulation is aimed to strengthen anti-money laundering and curb the financing of terrorism regimes in the country. The regulation also dictates that aside from being registered DNFBP, the authorities and societies also need to have an appointed or nominated AIVIL\/CFT Compliance Officer.<\/p>\n\n\n\n

The FBR maintained that Public Sector Development Departments\/authorities will also be obligated to ensure that previously approved Real Estate Authorities or Societies running operations in their jurisdictions are registered and have an appointed or nominated AIVIL\/CFT Compliance Officer.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) has restrained the issuance of no-objection certificate (NOC)\/approval\/permission to unregistered real estate development authorities or housing societies, according to a news published on March 1. Read: FBR introduces \u2018Automated Cash Declaration System\u2019 to track currency circulation As per the details, the board has restricted Public Sector Development Departments\/authorities from issuing NOCs to real estate development authorities or housing societies if they aren\u2019t registered with FBR as a Designated Non-Financial Business and Profession (DNFBP). The board referred to the Anti-Money Laundering Act, 2010, which empowers it, inter alia, to license\/register DNFBPs and impose conditions to conduct any activities by the DNFBPs and issue directions in regards to the relevant provisions for the said law. Read: FATF Conditions: FBR imposes more restrictions on registered real estate agents The new regulation is aimed to strengthen anti-money laundering and curb the financing of terrorism regimes in the country. The regulation also dictates that aside from being registered DNFBP, the authorities and societies also need to have an appointed or nominated AIVIL\/CFT Compliance Officer. The FBR maintained that Public Sector Development Departments\/authorities will also be obligated to ensure that previously approved Real Estate Authorities or Societies running operations…<\/p>\n","protected":false},"author":75,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016,15017],"tags":[51350,3193],"persona":[],"class_list":{"0":"post-84216","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"category-notices-announcements","9":"tag-fbr-bars-issuance-of-nocs-to-non-registered-housing-authorities","10":"tag-federal-board-of-revenue","11":"cat-15016-id","12":"cat-15017-id"},"acf":[],"yoast_head":"\nFBR restricts NOCs for non-registered housing authorities - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has restrained the issuance of no-objection certificate (NOC)\/approval\/permission to unregistered real\" \/>\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\/fbr-restricts-nocs-non-registered-housing-authorities.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR restricts NOCs for non-registered housing authorities - 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