FBR in Action – New Guidelines for Real Estate, Jewelers and Accounts Businesses, to Monitor Units

KEY POINTS:

• Guidelines to the real estate sector, jewelers and accountants issued by FBR
• Business sectors have to informed transaction details to FBR and FMU
• Non-political persons can’t do business
• Documents required to submit to FBR for verification

The sectors real estate, accountants and jewelers count as one of the heaviest holding un-documented economy and investments in huge amount. Now customers of real estate developers and dealers, accountants and jewelers have to strictly follow the regulations Financial Action Task Force (FATF).

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All of the above organizations are not allowed to work with uncovered political personalities until the source of income isn’t defined. Also before any further procedure and transaction, the identification of the customer and beneficial owner must be maintained till 5 years as per the guidelines informed by Federal Board of Revenue (FBR) on 29th September 2020.

All of the above organizations are not allowed to work with uncovered political personalities until the source of income isn’t defined. Also before any further procedure and transaction, the identification of the customer and beneficial owner must be maintained till 5 years as per the guidelines informed by Federal Board of Revenue (FBR) on 29th September 2020. 
The monitoring system on real estate sector may boost DHA  city  Karachi market which will be the positive factor for many investors.

These businesses now have to take license and make registration on FBR. Real estate agents are ordered to save all the transaction records of the buyers and sellers. Accountants are informed to keep the purchaser’s identity card, address and payment record while jewelers have to share all the information of the customer buying jewelry on 20 lacs or above on cash. Jewelers are bound to notify FBR and FMU (Financial Monitoring Unit) in case any suspicious transaction. 
If you haven’t register your company yet on FBR then watch this video now.

FBR informed, “Anti Money Laundering and Countering Financing of Terrorism Regulations for DNFBPs 2020.” The meeting of FATF held three weeks ago for Pakistan to remove from the grey list or to increase the length of the period for scrutiny. The expense of working business for jewelers, real estate agents and accountants is likewise to grow under the guidelines of The Designated Non-Financial Businesses and Professions (DNFBPs). According to DNFBPs “They will take reasonable measures to establish the source of wealth and the source of funds of customers and beneficial owners identified as a PEP, close associate or family member of a PEP.”
The family members of the political related person would also have an investigation when doing transaction in the real estate industry, handling finance books or jewelry buying. 
These sectors have to maintain the record in paper form or digitally. The verification of the identity is must, by showing authentic documents and data defined by the DNFBPs regulations. It includes:

• CNIC copy or NICOP for overseas Pakistanis
• Pakistan origin card (POC) copy or Passport copy or Form B

for children under age of 18
FBR further added:
“Any violation of any provision of these regulations shall be subject to sanctions issued under the AML Act.”

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