FBR sets up body to regulate jewelers, real estate agents

FBR sets up body to regulate jewelers, real estate agents

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday approved a body to regulate transactions by jewelers, real estate agents and accountants under anti-money laundering (AML)/Counter Financing of Terrorism (CFT) laws.

According to an office order, the FBR approved the operationalization of Directorate General of Designated Non-Financial Business and Professions (DNFBPs), with its headquarter at Islamabad within the existing sanctioned strength and budget grant of FBR with immediate effect.

The Designated Non-Financial Businesses and Professions (DNFBPs) are real estate agents, jewelers and accountants.

The FBR issued SRO 924(I)/2020 dated September 30, 2020 related to DNFBPs to comply with conditions under Finance Action Task Force (FAFT).

Under the latest office order, the FBR sets up field formations at Islamabad, Quetta, Gilgit-Baltistan, Lahore and Karachi.

The FBR has assigned additional responsibilities to customs and Inland Revenue officials to operate the Directorate General of DNFBPs.

Dr. Bashirullah Khan (IRS/BS-20) has been assigned additional responsibility of Director General, Directorate General of DNFBPs.

Other officials who have been given additional charge as Director of Directorate General of DNFBPs are included: Asem Iftekhar, (IRS/BS-20) Karachi, Zafar Iqbal Khan (IRS/BS-20) Islamabad, Irfan Javed (PCS/BS-20), Quetta, Rashid Habib Khan (PCS/BS-20) Gilgit Baltistan, Ahmad Kamal (IRS/BS-20) Lahore and Muhammad Tahir (PCS/BS-19) Director (HQ) DNFBPs Islamabad.


FBR issues SRO to regulate accountants, jewelers, real estate agents under AML/CFT