The Federal Board of Revenue (FBR) has instructed real estate brokers and builders to disclose the details of potential buyers and sellers of properties before brokering a deal, according to The News. This is in order to fulfil the requirements of the Financial Action Task Force (FATF).
According to reports, the decision was made to prevent banned terrorists from making property purchases.
A list of 4,500 banned terrorists has been supplied with Pakistani authorities in order to meet the requirements of the Financial Action Task Force (FATF) in accordance with UN Security Council Resolutions 1267 and 1373.
Sources stated that the FBR and real estate brokers met at the FBR’s headquarters on August 17, 2021, under the supervision of high-ranking members of the National Coordination Committee (NCO).
During the debate, it was revealed that real estate brokers will exchange information about property sellers and buyers in order to comply with the FATF.
The FBR has created an app that contains the names of about 4,500 banned terrorists, and real estate brokers will be required to use it to create a checklist.