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Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations

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The Federal Board of Revenue (FBR) on Tuesday issued regulations governing the use of powers to monitor transactions involving jewelry, real estate agents and accountants.

The FBR issued SRO 1319 (I) / 2020 on 10 December 2020 to empower Inland Revenue officers to exercise the powers vested in them under Section 6A of the Anti Money Laundering Act, 2010.

Monitoring jewelers, real estate and accountants is one of the conditions set by the Financial Action Task Force (FATF). On October 23, 2020, the global anti-money laundering watchdog decided to put Pakistan on its “gray list”. Despite progress in meeting international counter-terrorism financing principles.

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Directorate General of Designated Non-Financial Businesses and Professionals (DNFBP)

By an office order on November 11, 2020, the FBR approved the operation of the Directorate General of Designated Non-Financial Businesses and Professionals (DNFBP), with headquarters in Islamabad. Designated non-financial businesses and professions (DNFBPs) are real estate agents, jewelers and accountants.

By SRO 1319 (I) / 2020 dated December 10, 2020, the FBR stated that the Directorate General DNFBP, established to perform duties under Section 6A of the Anti-Money Laundering Act, 2010 comprises of: Director General; Directors Additional Directors; Deputy Directors; Assistant Directors; And Inland Revenue Audit Officers, Inland Revenue Officers, Superintendents and Deputy Superintendents of Inland Revenue, Senior Auditors of Inland Revenue, Inspectors of Inland Revenue and Inland Revenue officers with any other post or designation.

DNFBP Working mechanism

The FBR formed field formations in Islamabad, Quetta, Gilgit-Baltistan, Lahore and Karachi. The FBR issued SRO 924 (I) / 2020 on September 30, 2020 to comply with the conditions under the FATF.

Under the rules, every DNFBP will be registered with the FBR. DNFBP will provide any information or documents that may be required by the Board. For the purposes of maintaining DNFBP registration, including not limited to the criminal records of senior management and beneficiary owners.

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Every DNFBP will notify the FBR. If it closes its business as DNFBP. Within thirty business days of closing its business. and in the manner that the FBR may require.

DNFBPs will maintain the records listed in Section 7C of the AML Act, sufficient to allow the resumption of individual transactions, including the nature and date of the transaction, the type of currency involved and the user involved in the transaction when necessary. So provide evidence to prosecute criminal activity.

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The DNFBPCD will promptly notify the Board, any inquiries or orders from designated law enforcement agencies and the FMU to provide information and transaction records. When they engage in the following activities, DNFBPs will conduct CDDs in the circumstances and matters set forth in Section 7A (1) of the AML Act.

Real Estate Agent When they are involved in a real estate transaction for a client.

Jewelers and dealers of precious metals and stones. When they engage in any kind of cash transaction with a customer or client, it is worth more than Rs 2 million.

Accountants when they prepare or conduct transactions for their clients in relation to the activities described in Section 2 (xii) (c) and (d) of the AML Act.

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