The Pakistan Realtor Federation (PRF) expressed its full support for the government to impose regulation as suggested in the Financial Action Task Force guidelines in order to stop money laundering and terror financing.
The leaders and members of the PRF have participated in the awareness seminar on FATF Regulation and Registration organized by Bahria Town and AAA Associates to address challenges regarding the construction industry.
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 spoke to the real estate fraternity about the regulation and its benefits, said a news release issued here.
Chairman Realtor Federation Musarat Ejaz Khan said that the previously passed FATF Bill possessed various unacceptable clauses and was not implementable for the real estate sector.
Khan said that after vibrant engagement and deliberations with the government officials, a transparent and acceptable mechanism was developed in the form of the DNFBP directorate under the Federal Board of Revenue (FBR).
“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.”, Khan added.
Sardar Tahir the President of the Realtor Federation while giving a briefing to the participants said that 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 Designated Non-Financial Businesses and Professions has sought the 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 was organized to assist and inform the Estate builders regarding the new regulations and hoped that Estate Builders would continue to comply with these anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations.