ISLAMABAD. In compliance with the conditions of the Financial Action Task Force (FATF), the Federal Board of Revenue (FBR) has directed the real estate agents to provide the information of customers before closing a deal.
The decision has come after the meeting of real estate agents with the officials of the department in the FBR headquarters.
Furthermore, the FBR has also developed an app containing the names of banned outfits, the real estate agents are also required to cross-check the names before brokering a deal.
In case a person is found to have a link with the banned outfit, a Suspicious Transaction Report will be generated (STR).