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ISLAMABAD: The Federal Board of Revenue (FBR) has designated Director General of Designated Non-Financial Business and Professions (DNFBPs) as the Appellate Body for hearing of appeals against the sanctions imposed, including monetary and administrative penalty on real estate developers/builders, jewellers, and accountants.

In this connection, the FBR has issued a notification, here on Monday.

Now, the real estate agents, housing authorities, real estate developers/builders, property dealers, jewelers/gem dealers, and accountants can file their appeals before the forum of the Director General DNFBPs against the sanctions imposed, including monetary and administrative penalty, by officers of the Directorate General of DNFBPs.

According to the notification, in exercise of powers conferred under Section 6A of the Anti-Money Laundering Act, 2010 read with clause 1(iii) of Schedule IV to the said Act, SRO 924(I)/2020 dated September, 29, 2020, SRO 950(I)/2020 dated October 1, 2020, and SRO 1319(I)/2020 dated December, 10, 2020; the Federal Board of Revenue is pleased to designate Director General DNFBPs as the Appellate Body for the appeals against the sanctions imposed, including monetary and administrative penalty, by officers of the Directorate General of the DNFBPs.

The Appellate Body shall dispose of the appeals in accordance with above Rules/Regulations on the subject. The said body will perform functions strictly in accordance with Rule-8 of the Rules promulgated vide SRO 950(I)/2020 dated October, 1, 2020, and will further ensure that the Appellate Body is not involved in passing the original sanction orders, the FBR added.

The FBR has empowered officials of the Directorate General of DNFBPs to exercise powers of the Anti-Money Laundering Act, 2010, to take action against real estate agents, housing authorities, real estate developers/builders, property dealers, jewelers/gem dealers, and accountants involved in money laundering/suspicious transactions.

Under the AML Act, the said officials would have the authority to exercise the following powers and functions with respect to its reporting entities including licensing or registration of reporting entities; imposing any conditions to conduct any activities by reporting entities to prevent the offence of money laundering, predicate offence or financing of terrorism and issuing regulations, directions and guidelines. The officials of the Directorate General of DNFBPs would be empowered to carryout monitoring and supervising, including conducting inspections; compelling production of information relevant to monitoring compliance; impose sanctions, including monetary and administrative penalties to the extent and in the manners as may be prescribed, upon their respective reporting entity, including its directors and senior management, and officers.

Copyright Business Recorder, 2021

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