All the real estate agents are required to get themselves registered with the Federal Board of Revenue (FBR) under the anti-money laundering (AML) and counter-terrorist financing (CFT) laws and regulations.
According to a notification, the FBR imposed a condition on all housing schemes, development authorities, cooperative housing authorities and realtors for transfer or registration of property.
“No public or private Development Authority shall conduct business activity with any real estate agent for the transfer or registration of immovable property unless the Real Estate Agent is registered with the Federal Board of Revenue as a Designated Non-Financial Business and Profession (DNFBP),” the notification said.
The real estate agents must obtain a registration certificate from the DNFBP director concerned once registered with the FBR, the notification said.
The FBR warned that, “Any violation of this condition shall attract the penalty provision under AML Act 2010 and AML/CFT sanction rules 2020.” The condition will come into effect on January 1, 2022.