Islamabad March 6 2022: 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, says Federal Bureau of Revenue in a new regulation set for Public Sector Development Departments/Authorities.
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 Public Sector Development Departments/Authorities shall immediately issue instructions to the staff concerned and respective housing authorities or societies for registration with FBR as DNFBPs and appointment or nomination of 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 FBR.
FBR issued the Anti-Money Laundering Act, 2010 (“the AML Act”) empowers Federal Board of Revenue (FBR), inter cilia, 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.
