Sunday December 05, 2021

FBR completes FATF actions on DNFBPs ahead of deadline

October 22, 2021
FBR completes FATF actions on DNFBPs ahead of deadline

ISLAMABAD: The FBR has completed actions on Designated Non-Financial Businesses and Professions (DNFBPs) in the FATF action plan in just one reporting cycle and one year ahead of the deadlines in September 2022.

According to the FBR’s announcement on Thursday, in June 2021, the FATF plenary had approved a seven point new action plan for Pakistan, focusing on combating money laundering.

This action plan contained two actions specific to DNFBPs, in particular the real estate agents and Dealers in Precious Metals and Stones (DPMS). The FBR was already designated as AML/CFT regulatory authority for real estate agents, DPMS and accountants other than those registered with ICAP and ICMAP under the Anti-Money Laundering Act, 2010, through amendments made in September 2020.

Since designation of FBR as the AML/CFT regulatory authority, the FBR issued AML/CFT regulations for its regulated entities and also embarked upon an extensive outreach to educate and facilitate the DNFBPs on implementation of the new AML/CFT regime.

A dedicated portal was made available on the FBR website, which contains comprehensive guidance documents and other information for the DNFBPs. The FBR also launched a customized mobile App for the registration by DNFBPs, screening the lists of proscribed /designated persons and generating Suspicious Transaction Reports (SRTs). A detailed supervisory plan was chalked out for offsite and onsite supervision of the DNFBPs.

Since June 2021, the FBR has carried out onsite inspections of a large number of DNFBPs and imposed a wide range of penalties on the delinquent entities. The real estate associations were also taken on board for implementation of the AML/CFT obligations.

The Chairman FBR, Dr. Muhammad Ashfaq Ahmed, congratulated DG DNFBPs, Mohammad Iqbal, and his team for the tireless efforts to complete the actions on DNFBPs in a short span of three months and one year ahead of the deadlines.

The chairman FBR noted that the FBR will continue implementing the AML/CFT regulations in order to curb the menace of money laundering through the real estate and precious metals and stones, including gold and jewelery.