FBR decides to regulate jewelers and real estate agents

The Federal Board of Revenue has also decided to regulate jewelers and real estate owners. Consumers will also have to have complete information. Jewelers will have to give a record of purchases of more than Rs 2 million.

Under the terms of the FATF, the FBR has enacted legislation to regulate accountants, jewelers and real estate agents. Under the law, details of transactions with consumers have to be provided. Legislation has been issued to curb money laundering and terror financing. Details of any suspicious transaction must be provided to the Financial Monitoring Cell. Violations of the law will be prosecuted under the Anti-Money Laundering Act.