Revised regulations bring Rs2m-plus cash transactions in jewellery, bullion and precious stones under broader DNFBP framework

ISLAMABAD: The Federal Board of Revenue (FBR) has broadened the scope of Designated Non-Financial Businesses and Professions (DNFBPs) for dealers in precious metals and stones under Pakistan’s anti-money laundering framework.

The FBR issued SRO 1439(I)/2026 on Thursday, introducing amendments to the Federal Board of Revenue Anti-Money Laundering and Countering Financing of Terrorism Regulations for DNFBPs, 2020.

The amendments have replaced references to “Jewellers” with “Dealers in Precious Metals and Dealers in Precious Stones (DPMS)” throughout the regulations.

Under the revised framework, the regulations will apply to real estate agents, dealers in precious metals and precious stones, and accountants.

FBR widens definition of precious metal and stone dealers

The FBR has introduced a broader definition of DPMS covering bullion dealers and businesses involved in the sale of jewellery, precious stones and precious metals.

The definition includes articles made wholly or mainly of gold, platinum and diamonds of all kinds, as well as precious or semi-precious stones and pearls, whether or not mounted, set or strung.

It also covers articles set or mounted with diamonds, precious or semi-precious stones or pearls where the dealer engages in a cash transaction with a customer worth Rs2 million or more.

The amendment brings high-value cash transactions involving jewellery, bullion and other precious metals and stones within the specified DNFBP framework, strengthening the regulatory focus on potentially vulnerable sectors under anti-money laundering laws.

Real estate agent definition revised

The FBR has also revised the definition of “Real Estate Agent”.

The amended definition covers builders, real estate developers, title-transferring authorities, property brokers and dealers when they execute purchases or sales of real property, participate in real estate transactions or undertake professional transactional activities relating to property transfers.

The changes are intended to provide greater clarity on the businesses and professionals covered by the DNFBP regulatory framework.

Record-retention rules strengthened

The new rules also amend record-retention requirements for DNFBPs.

Under the revised provisions, DNFBPs are required to retain records relating to transactions, customers or instruments that are subject to litigation until the relevant case is resolved.

Where a court or other competent authority requests such records, the DNFBP must continue retaining them until the litigation is concluded or until the competent authority notifies the business that further retention is no longer required.

The FBR has further clarified that DNFBPs must promptly comply with inquiries or orders from the Board, designated law-enforcement agencies and the Financial Monitoring Unit (FMU) for the provision of customer due diligence information and transaction records, in accordance with the Anti-Money Laundering Act.

Amendments strengthen AML compliance

The amendments also remove the specific reference to jewellers in a provision concerning DNFBP compliance, while making several technical and drafting changes throughout the regulations.

The revised regulations have been issued under the powers conferred on the FBR by Section 6A of the Anti-Money Laundering Act, 2010, read with the relevant provisions of Schedule IV to the Act.

The regulatory changes are aimed at strengthening Pakistan’s anti-money laundering and countering financing of terrorism framework by bringing relevant high-value precious metal and precious stone transactions within a more clearly defined compliance regime.