Ghani discusses proposals for regulating real estate business transactions

Sindh Local Government Minister Saeed Ghani chaired on Monday a meeting to review affairs related to regulating the real estate sector to prevent instances of money laundering through the sale and purchase of property.

The meeting was convened in line with a request sent by the National Anti-Money Laundering and Counter Financing of Terrorism Authority to the provinces to forward their recommendations to the federal government to end the use of cash currency and prevent money laundering in the real estate sector.

The meeting was attended by the senior member of the Board of Revenue Sindh, additional chief secretary and additional secretary of the Sindh home department, Association of Builders and Developers Chairman Muhammad Hassan Bakhshi, Real Estate Brokers' Association representative Muhammad Rehman and Jauhar Iqbal who represented the real estate agents in the DHA and Clifton areas of Karachi.

The meeting took into consideration the proposed code of ethics to regulate the real estate sector. It discussed proposals for promoting the use of formal banking channels for money transfers for real estate business deals instead of cash transactions for the sale and purchase of properties and amending the Registration Act. After finalisation, these proposals would be sent to the federal government. It was decided that another meeting would be held on March 24 to finalise the proposals.