The Federal Board of Revenue (FBR) has announced on Tuesday that every Property transaction of Rs2 million or above held through cash need to be reported.
According to a report by the local news agencies, FBR has issued policy guidelines for real estate agents (REAs) in compliance with the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) of Financial Action Task Force (FATF).
The details of the guidelines suggest that real estate developers/agents are now required to file a currency transaction report (CTR) on each transaction of Rs. 20 lacs or above for sale or purchase of Real Estate Assets. However, this is only applicable for transactions held through cash and not for transactions conducted through the bank transfers
As per FBR, this step will contain money laundering and will help in achieving the FATF requirements as Black Money is often involved in Real Estate transactions.
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