ISLAMABAD: The Federal Board of Revenue (FBR) has restrained Public Sector Development Departments/authorities from issuing any NOC/approval/ permission to real estate development authorities or housing societies unless the applicant is registered with the Federal Board of Revenue as a Designated Non-Financial Business and Profession (DNFBP).
The FBR on Monday issued Condition No 2 (2022) for Public Sector Development Departments/ Authorities.
According to the FBR, the Anti-Money Laundering Act, 2010 (AML Act) empowers the FBR, inter alia, to license or register Designated Non-Financial Businesses and Professions (DNFBPs), impose conditions to conduct any activities by the DNFBPs and issue directions with respect to the relevant provisions of the AML Act.
Now, in exercise of powers conferred under section 6A of the AML Act read with clause 1(iii) of Schedule IV ibid, and in pursuance to Condition No1 of 2021 issued on 25 November 2021, the FBR is pleased to impose the following condition on all the Public Sector Development Departments/Authorities in order to strengthen the anti-money laundering and countering financing of terrorism regime in the country; namely:-No Public Sector Development Department/ Authority shall provide any NOC/Approval/Permission to any kind of Real Estate Development Authority or Housing Society (commercial/residential) unless the applicant is registered with the Federal Board of Revenue as a Designated Non-Financial Business and Profession (DNFBP) and has also appointed or nominated AIVIL/CFT Compliance Officer.
The Public Sector Development Department/ Authorities shall also ensure that previously approved Real Estate Authorities or Societies falling in their respective jurisdiction and currently in business are registered with FBR as DNFBPs and have appointed or nominated AML/CFT Compliance Officers, the FBR maintained.
The Public Sector Development Departments/ Authorities shall immediately issue instructions to the staff concerned and respective housing authorities or societies for registration with the FBR as the DNFBPs and appointment or nomination of the AML/CFT Compliance Officers without fail.
The real estate development authorities or societies may also be informed to obtain registration certificate from the concerned director, DNFBPs once registered as a DNFBP with the FBR, the FBR added.
Copyright Business Recorder, 2022