FBR to regulate jewellers, accountants, real estate agents to curb money laundering

The Federal Board of Revenue (FBR) will regulate and monitor businesses of jewellers, accountants, and real estate agents, and they will be asked to maintain records of their customers to check money laundering transactions.

The FBR has issued Anti Money Laundering and Countering Financing of Terrorism Regulations for the Designated Non-Financial Businesses and Professions (DNFBRs) 2020.

The government on Tuesday declared FBR as the AMU/CFT Regulatory Authority.” Every DNFBP shall be registered with the Board. 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.

The record to be maintained and furnished by the Accountants, Real Estate Agents and Jewelers under these rules and as required by AML Act shall be subject to inspection by FBR, as laid down in section 6A(2)(f) of AML Act, who may be assisted by other law enforcement agencies.

Any violation of any provision of these regulations shall be subject to sanctions issued under the AML Act, FBR added.