Pakistan decided to take measures against the black money or money laundering done in Real Estate industry. For this, it agreed to comply by the term and conditions of Asia Pacific Group (APG). APG is a regional affiliate of Financial Action Task Force (FATF).
Authority with proposed name of Real estate Regulatory Authority (RERA) will be established in the supervision of federal institutions. It will ensure that no transfer of property or land will be made to any terrorist or banned outfit. Furthermore, it also work to seize money laundering related activities. Authentic registration and required documents must be submitted to authority before nay transfer of asset.
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Security and Exchange Commission of Pakistan (SECP) set up an initial draft. This draft is compiled according to terms and conditions of FATF. Meanwhile, technical and law division working on its legal framework. However, tax related matters will not be included in its responsibility.