Policy on the cards to restrict use of cash in real estate sector

Unregistered real estate business cause significant revenue losses to national exchequer

By
Tariq Moin Siddiqui
A man counts Pakistani rupee notes at a currency exchange shop in Peshawar, Pakistan September 12, 2023. — Reuters 
  • Authority to invite province's input on real estate sector reforms.
  • It also agreed on appointing officials on deputation basis.
  • Internal National Action Plan's implementation progress also reviewed.

KARACHI: The federal government has decided to tighten the noose around money laundering and terror financing by imposing a restriction on the use of cash and introducing reforms in the real estate sector.

The decisions were made in a meeting of the National Anti-Money Laundering and Counter Financing of Terrorism Authority headed by the forum's Chairman Ahmed Sukera during the first week of May.

Furthermore, the huddle decided to appoint Ehsan Sadiq, a BPS-21 officer, as the Authority's director general.

As per documents available with Geo News, the meeting decided on the appointment of officials on deputation to operationalise the government body.

Meanwhile, the staff will be hired on a permanent basis following the finalisation of the relevant rules and regulations.

The document further revealed that the body also reviewed the progress on the implementation of the Internal National Action Plan (INAP) on the issue of cash in organised crimes.

On the issue of unregistered real estate business, the forum termed it a part of money laundering which results in significant revenue losses to the national exchequer.

The meeting also decided to invite provinces' suggestions on the issue of reforms in the real estate sector.

In March this year, the federal government announced its decision to restructure the National Counter-Terrorism Authority (Nacta) on modern lines amid a surge in terrorist attacks in the country.

"It is more important [for the government] to take advance actions to eliminate terrorists and their facilitators," said Interior Minister Mohsin Naqvi, besides summoning a detailed report on strength of all provincial counter-terrorism departments (CTDs).

The minister signalled "practical steps" to be taken by the federal government in the coming days as the state would not grant pardon to any terrorist outfits at any cost. Naqvi also urged promoting national narrative against "extremist ideologies of terrorists".

Moreover, a comprehensive strategy would be formulated to uproot terrorism, and extremism, besides ensuring "full implementation" on the National Action Plan — an action plan established by the federal government in December 2014 to boost anti-terrorist offensive following deadly Army Public School (APS) Peshawar attack.