Islamabad: The federal government has decided to impose heavy fines on jewelers and real estate agents and property dealers who buy and sell property and jewelery without checking the customers.
According to Express News, the government has decided to impose heavy fines and sanctions on jewellers, real estate agents and property dealers and accountants who do not report suspicious customers to the Financial Monitoring Unit and FBR’s Directorate General of DNFBPs. What is a crop?
The FBR has empowered the Directorate General of DNFBPs to seize and arrest the bank accounts and movable and immovable properties of jewellers, real estate agents, property dealers and accountants for recovery of fines and taxes up to Rs 10 crore. have given
According to the available document, the Federal Board of Revenue has issued recovery rules on granting powers to the Directorate General of DNFBPs of the FBR, which states that the FBR under the Anti-Money Laundering Act, 2010 As the Laundering and Terrorism Financing Regulatory Authority, it has been authorized to exercise powers under Chapter XVI of the Income Tax Rules, 2002 to impose heavy penalties and sanctions on jewellers, real estate agents and property dealers and accountants for recovery.
The document states that those who do not report suspicious transactions to the State Bank of Pakistan’s Financial Monitoring Unit (FMU) of people and customers coming to buy and sell real estate and diamonds, gems, jewelery and precious stones and jewelery made from them. Action will be taken against the shopkeepers.
Action will be taken against those estate agents and property dealers, jewelers and accountants who are not members of Institute of Chartered Accountants of Pakistan and Institute of Cost and Management Accountants of Pakistan.
Under the powers, the properties of the said shopkeepers can be sealed and confiscated while the bank accounts will also be frozen and the arrests of the defaulters can also be implemented.
In the said rules, auction procedures have been laid down for confiscation of bank accounts and movable and immovable properties and for the recovery of dues, and for this, after completing all the procedures including issuance of notices according to the legal process, arrest by issuing a written warrant. Can be implemented.
Similarly, the Directorate General of DNFBP will exercise its powers to purchase properties from registered property dealers and real estate agents, jewelers and accountants and to obtain information and record keeping of jewelery buyers and other relevant laws.
When contacted, FBR officials said that while implementing the terms of the Financial Action Task Force, FBR had enacted legislation to regulate DNFBPs and ensure their documentation and for this the Directorate General Off DNFBPs had been set up and started registration but there were no rules for recovery of fines and other dues imposed on violation of rules which have been issued today.
According to the FBR officials, in these rules, the Directorate General of DNFBPs has been allowed to make some amendments in the Income Tax Rules for recovery.
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