Introduction. The legislative frameworks have been developed to combat money laundering (ML) as well as terrorist financing. An Authorised Person or an Auditor is a business or profession that isn’t carrying out the following business or profession within or from the DIFC. (TF) Financial institutions have implemented measures to prevent misuse of their services in ML/TF operations. Agents or real estate developers who work with customers to buy or sell real property.
DNFBP Registration Pakistan 2024
Launderers of money used the non-financial sectors to hide and launder the proceeds of crime. The Financial Action Task Force (FATF), which conducted several studies, examined the risks associated with misusing nonfinancial professions and businesses.
www.fbr.gov.pk Registration 2024
ISLAMABAD – Real estate agents must register with the FBR to be designated non-financial businesses and professions (DNFBPs), under the Anti Money Laundering act 2010 (AMLA 2010). This is after the Federal Board of Revenue (FBR), Monday, imposed a mandatory condition on all housing schemes, cooperative housing authorities, and real agents for the transfer or registration of immovable properties.
DNFBP REGISTRATION ONLINE
ML/TF operations, and found that these risks were substantial. This condition will not apply if the real estate agent is already registered with FBR. These risks were deemed unacceptable by the FATF.
DNFBP REGISTRATION FORM PAKISTAN
This condition requires real estate agents to register with the FBR, share data from buyers and sellers, and issue Suspicious Transaction Reports (STRs) if they are found purchasing real estate assets beyond their known means.
About DNFBP
The Anti-Money Laundering Act requires that the Federal Board of Revenue ensures that all designated non-financial professions (DNFBPs), including real estate agents, precious metals dealers, and FBR-supervised accountants, comply with anti-money laundering, counter financing of terrorist obligations. Other competent authorities and self-regulatory organizations supervise financial institutions, lawyers, law offices, notaries, and non-FBR-supervised accountings.
This guide will cover the application process as well as a brief overview of the DNFBPs’ responsibilities under the MLTPA/DNFBP Regulations. This condition will communicate to all Real Estate Agents who deal with Housing Authorities Cooperative Housing Societies or Development Authorities. It also must be displayed at all relevant places for information.
Tips & Traps for Becoming Registered as a DNFBP
Who must register? A person who continues to carry on business, as defined by section 85B of MLTPA. Real estate agents can inform to request a Registration Certificate from the Director DNFBPs concerned, once they have register with the FBR.
| Casino | $500.00 |
| Gambling houses and online gaming | $250.00 |
| Real estate agents | $150.00 |
| Dealers in precious metals and precious stones | $150.00 |
| Lawyers, notaries, other independent legal professionals, accountants, auditors, and tax advisors | $150.00 |
| Vehicle dealers | $100.00 |
| NPOs & NGOs | $100.00 |
| Business in a Free Zone area | $200.00 |
Completing the Application Form
Intentions to continue, one of these businesses in Belize or from Belize is a DNFBP. It requires by law that the FIU register it with the FIU. Any violation of this condition will result in the AML Act 2010 penalty and AML/CFT sanctions rule 2020.
Helpline Address:
Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)for DNFBPs ; Phone: 051-9107099 ; Email: help.dnfbps@fbr.gov.pk