FATF conditions: Pakistan stops real estate sector from making deals with convicts
In compliance with the Financial Action Task Force (FATF) conditions, Pakistan’s Federal Board of Revenue (FBR) has stopped real estate businesses from making any deals or transactions with convicted individuals.
“We have been taking all necessary actions, including streamlining real estate businesses, to ensure compliance with the FATF conditions,” says Asad Tahir Jappa, an FBR spokesperson.
He said the FBR was liaising with law enforcement agencies to prevent any criminal from pouring dirty money into the real estate sector.
“Implementation of the new directives and policies may take some time, but we have to ensure compliance and we are doing it,” he added.
Pakistan has been on the FATF increased monitoring list since June 2018 due to multiple strategic deficiencies in its financial system. The country is required to successfully implement an action plan to get itself removed from what is more popularly described as the FATF “grey list” of countries.