Binding requirements have been placed on real estate agents, property dealers, jewelers, brokers, housing authorities, and developers for the generation
Real estate agents told to file Suspicious Transaction Reports
Top Story
February 16, 2021
ISLAMABAD: The bid to comply with the FATF requirements for binding real estate agents, property dealers, jewelers, brokers, housing authorities and developers for generating Suspicious Transaction Reports (STRs) has spread panic among millions of owners of these businesses across the country.
Now the Federal Board of Revenue (FBR) has sent out notices to over 22,000 registered property dealers across Pakistan, directing them to get registered on the website of the Designated Non-Financial Businesses and Professions (DNFBPs) in order to kick-start complying with the Financial Action Task Force (FATF) requirements.
The Federal Board of Revenue (FBR) has directed the jeweler's community to ensure enhanced due diligence of customers, who are Politically-exposed persons
LETTER | Expose the true beneficiaries of graft
Modified4 Feb 2021, 1:06 am
A
-
LETTER | The Panama Papers, the world’s biggest leaked documents, highlighted the complex ways used by companies and individuals to conceal the actual beneficiaries of a certain company. It exposed a system that appeared to facilitate economic crime.
There were 142 politicians and their families from 12 countries that put their money into offshore accounts to hide their wealth.
The same
modus operandi could also be taking place locally by securing huge government projects amounting to billions of ringgit.
One way to overcome corruption and money laundering is by introducing a central registry for ultimate beneficial ownership (UBO) of companies registered in Malaysia. It is now time for the government to unmask the corrupt and publicly reveal who actually benefits from every company registered in their jurisdictions.