Gov’t takes radical measures to meet FATF remaining compliance conditions

In the future payment for the purchase of property can only be made through the buyer’s own bank account.


ISLAMABAD: The federal government has taken a major step towards fulfilling one of the remaining conditions of the Financial Action Task Force (FATF) Action Plan to get the country’s name struck from the global financial watchdog’s grey list.

Under the new measures, property dealers and realtors will cross check the name of sellers and purchasers of properties in the country with the United Nations list of people involved in money laundering and terrorism financing.

If a name appears in UN’s list, it would be forwarded to the Federal Board of Revenue’s (FBR) Director General for the Designated Non-Financial Businesses and Professions (DNFBPs) through a web-based app introduced by the FBR.

In this regard, an agreement has been reached between the FBR and the Association of Real Estate Consultants. Under the agreement, the property dealers will be registered with the Director General of the DNFBP and they will be required to maintain a record of four types of information.

In the future payment for the purchase of the property can only be made through the buyer’s own bank account. The dealers will keep a copy of the sale agreement and copies of the computerised national identity cards of the buyer and seller of the property.

Muhammad Ahsan Malik, the Vice President of the Federation of Realtors Pakistan Punjab and General Secretary of the Association Real Estate Consultants Association (RICA) said that the FBR officials and the Real Estate Consultants Association held talks on August 17.

Top officials of the National Coordination Committee were also present in the talks at the FBR headquarters. It was agreed that the property of the people included in the UN list will not be bought or sold. “A realtor or real estate agent could be prosecuted if he deliberately assisted such a person.”
Over 1.4 mln highest single-day doses inoculated: NCOC   box

ISLAMABAD, The National Command and Operation Centre (NCOC) on Tuesday announced that the country administered over 1.4 million Covid-19 vaccine doses a day which was the highest ever target achieved since the vaccination campaign onset.

The nerve center of the country in its fight against deadly contagious disease of coronavirus took to microblogging website Twitter to announce the major development.

The Forum wrote on it’s official handle that there were some 1,405,352 vaccine doses administered across the country in past 24 hours.

However, the cumulative number of both partially and completely vaccinated individuals of the eligible population reached 55,178,137. The tweet was followed by the remark mentioning, “This is the highest single day vaccine administration done across the country! Keep it up Pakistan.”In a separate tweet, the NCOC highlighted the rising per day deaths on average in the country.

It wrote that the deaths officially reported from coronavirus in the country during the month of August were reported 2,428 with an average of 80 deaths a day.

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