The Federal Board of Revenue (FBR) has made it mandatory to corroborate those who buy or sell property worth more than Rs 2 million.
The FBR has stated that in order to comply with the instructions of the Financial Action Task Force (FATF), transactions worth Rs 2 million or more must be reported to the FBR. This restriction is only for transactions in which payment is made in cash. Transactions that are paid through a bank transaction will not be required to report to the FBR. According to the FBR, the move is aimed at curbing money laundering and meeting FATF guidelines.
