ISLAMABAD: Pakistan Realtor Federation (PRF) on Saturday expressed its complete support for the government’s regulation being made to implement Financial Action Task Force (FATF) guidelines to curb money laundering, terror financing and aimed to curb black money parking in the real estate sector.
The Pakistan Realtor Federation leadership and members widely participated in awareness seminar on FATF Regulation and Registration jointly organised by Bahria Town and AAA Associates, where the main objective was to address challenges pertaining to construction industry amid FATF crises.
Directors Headquarters Designated Non-Financial Businesses and Professions (DNFBP) Nasir Ahmed, and Zafar Iqbal, President Realtor Federation Sardar Tahir and Chairman Realtor Federation Musarat Ejaz Khan were the chief guests on the occasion who comprehensively briefed the real estate fraternity on the recent regulation and its benefits, said a news release issued here.
Speaking on the occasion, Chairman Realtor Federation Musarat Ejaz Khan said the FATF Bill passed in September 2020 possessed various clauses that were unacceptable and not implementable for the real estate sector.
However, after massive engagements and vibrant deliberations with the government, a transparent and commonly accepted mechanism was developed in the form of DNFBP directorate under the Federal Board of Revenue (FBR), he added.
Khan said, “We wanted to get the property dealers registered under some mechanism and system where no dealing or transactions are to be made by unregistered dealers.”
He ensured the participants that there was no fear like situation as government and Federation were the guarantors for safe implementation of the FATF regulations.
President, Realtor Federation Sardar Tahir gave an eloquent briefing to the participants on registration procedures and methods of dealing as per the new law through manual and online system.
He said DNFBP was maligned with FBR as a tax imposing body rather it was going to serve as a regulator for the real estate sector.
The speakers also said Pakistan has been on the FATF’s grey list for strategic deficiencies in its counter-terror financing, anti-money laundering and proliferation financing rules since June 2018.
The Designated Non-Financial Businesses and Professions has sought cooperation of real estate associations all over the country to meet requirements of the Financial Action Task Force (FATF) in relation to non-financial businesses and professions to combat money laundering and financing of terrorism.
The seminar aimed to assist Estate builders regarding the new regulations and hoped that Estate Builders would continue to comply with the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws and regulations.
The guest speakers Directors HQ Designated Non-Financial Businesses and Professions Nasir Ahmed and Zafar Iqbal apprised members of real estate associations about the FATF’s requirements in relation to DNFBPs and called for collective efforts of the government and real estate agents to combat money laundering and financing of terrorism.
Director DNFBP Zafar Iqbal said it was positive step towards better image of the country at global forums.
He added the regulations were introduced after positive contributions of the real estate sector. Moreover, black money was being parked in the real estate sector to some extent which was also the concern of the FATF, he added.
He welcomed the realtors to visit DNFBP for any query and assistance whereas all details for registration were easily available at the FBR website in the form of a user friendly portal.
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