IR Officers Given Power to Check Loot Money in Transactions of Jewelers, Real Estate, Accountants

FBR issued regulations for exercising powers to monitor transactions by jewelers, real estate agents and accountants to check loot money. FBR issued SRO 1319(I)/2020 dated December 10, 2020 to empower officers of Inland Revenue to exercise powers conferred by Section 6A of Anti-Money Laundering Act, 2010.

Regulating jewelers, real estate and accountants is one of the conditions set by Finance Action Task Force (FATF). The global loot money watchdog on October 23, 2020 decided to keep Pakistan on its “grey list”, despite progress by the country on meeting international anti-terrorism financing norms.

FBR as an important government organ also accelerated its efforts to help the country to meet required conditions of the FATF to make entry in white list. Through an office order on November 11, 2020 the FBR approved operationalization of Directorate General of Designated Non-Financial Business and Professions (DNFBPs), with its headquarters at Islamabad. The Designated Non-Financial Businesses and Professions (DNFBPs) are real estate agents, jewelers and accountants.

Under the regulations, every DNFBP shall be registered with the FBR. The DNFBP shall provide any information or documentation that may be required by the Board for the purposes of registration or keeping the DNFBP registration up to date, including but not limited to criminal records of the senior management and beneficial owners.