Registration of Anti Money Laundering, Jewelers, Property Dealers, Chartered Accountants
ISLAMABAD: The federal government has started registration of jewelers, property dealers and chartered accountants to implement the terms of the Financial Action Task Force (FATF).
By the middle of next month, more than 57,000 jewelers, 5,000 real estate agents and property dealers and chartered accountants will be registered across the country. Notices have been issued to them under Section 6A of the Anti-Money Laundering Act, 2010.
It has also been decided to deploy public prosecutors across the country including Karachi, Lahore and Islamabad for money laundering cases for which a prosecution wing will be set up in the FBR. The finance ministry will send a summary to the cabinet in the next few days.
FBR sources said that his department has so far registered 119 cases of money laundering worth Rs 82.26 billion, recovered Rs 6.22 billion from these cases, confiscated 66 immovable properties and frozen 203 bank accounts. One case of sales tax evasion has been caught. More than a dozen cases are in the advanced stage.
Sources said that FATF has called for self-evaluation of money laundering cases, speeding up the prosecution process and imposing penalties. Real estate agents will now keep a record of all their customers and their transactions.
In addition, jewelers will be required to keep all customer records on cash transactions over Rs 2 million. In case of any suspicious transactions or doubts, it will be necessary to inform the Directorate General of DNFBPs while not providing suspicious customer information. A fine of up to Rs 100 million can also be imposed.