The investigation against money laundering now extends to real estate, gold, gems, and jewellery, as the federal board of revenue is making new rules to stop the financing of terrorism and money laundering in these areas, DAWN reported

What does this mean?

Jewellers will have to document and record the value of their sales and the information will be shared with the FBR. Any suspicious transactions such as buying of selling of gold and precious stones will also have to be reported. Jewellers will also submit a ‘special return form’ with their data. 30,000 jewellers will be recorded by the FBR.

RELATED STORIES

READ MORE: Study reveals: Excessive smartphone usage affects brain like drugs

Law division and Securities and Exchange Commission of Pakistan (SECP) will also monitor services provided by lawyers and chartered accountants.

“We have sent these rules to the law division for vetting,” FBR spokesperson and Member Policy Dr Hamid Ateeq confirmed. After vetting, he said, the rules would be notified for implementation.

These rules will also apply to housing authorities and sub-registrar offices for real estate. Property agents will not be covered under these rules.

The reason for these new regulations is because Pakistan needs to implement new Financial Action Task Force (FATF) rules.The implementations of these rules will help Pakistan get off the FATF grey list.

FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020.

READ MORE: As Delhi burns, Gurdwaras open doors to Muslims fleeing violence