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FBR Issues Registration Timeline For Real Estate Agents

It is now essential for all real estate agents to be registered with the FBR as Designated Non-Financial Business and Professions (DNFBPs) under the Anti Money Laundering Act 2010 (AMLA 2010) after the Federal Board of Revenue (FBR) on Monday slapped a mandatory condition on all housing schemes, development authorities, cooperative housing authorities and real estate agents for transfer or registration of immovable property.

However, the conditions will not be applicable in case the real estate agent is previously registered with the FBR. For all other eligible real estate agents, it is essential to get registered with FBR as well as share the data of buyers and sellers. It is also mandatory for the real estate agents to issue a Suspicious Transaction Report (STRs),  in case they suspect anyone for acquiring any real estate assets beyond their known means.

The FBR and real estate agents had struck an agreement last month under which the real estate agents would scrutinise the list of proscribed organisations or individuals for facilitating any plots deal.

Ahsan Malik, The Real Estate Agents Association leader said, that the FBR had issued instructions in line with the agreement struck with real estate agents and now there was a need to implement this agreement in its true spirit.

According to DNFBP order number 1 issued by FBR here on Monday, the AMLA 2010 empowers Federal Board of Revenue (FBR), inter alia, to license or register its reporting entities (ROs) namely, Designated Non-Financial Businesses and Professions (DNFBPs), impose conditions on any activities by DNFBPs to prevent the offences of money laundering, predicate offences or financing of terrorism through issuance of directions or imposing conditions under the relevant provisions of the AMLA 2010.

Now, in exercise of the powers conferred under section 6A of the AMLA 2010 read with clause 1(iii) of Schedule IV ibid, and to foster the anti money laundering and countering financing of terrorism (AML/CFT) regime in Pakistan, the FBR imposed the following condition on all “Real Estate Development Authorities, Cooperative Housing Societies, and all other Housing Societies, Schemes and Firms dealing in the real estate, namely:-

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