Decision on Cash Restrictions and Reforms in Real Estate Sector
Decisions have been made regarding the restriction on cash usage and reforms in the real estate sector in a meeting chaired by Chairman Mushtaq Ahmed Sukhera. The decision to activate the National Anti-Money Laundering and Counter Financing of Terrorism Authority was taken, along with the agreement to appoint Grade 21 officer Ahsan Sadiq as the authority’s Director General.
According to documents, significant decisions were made in the first week of May in the meeting concerning the National Anti-Money Laundering and Counter Financing of Terrorism Authority. These decisions include imposing restrictions on cash usage and initiating reforms in the real estate sector.
As per the documents, it was decided in the meeting to appoint staff on deputation to activate the National Anti-Money Laundering and Counter Financing of Terrorism Authority. After the rules and regulations are prepared, the staff will be recruited permanently.
Furthermore, an internal review was conducted to end the use of cash in organized crimes. In addition, a recommendation to allocate Rs. 300 million for the authority for the fiscal year 2024-2025 was also made during the meeting.
The meeting also sought recommendations from provinces for reforms in the real estate sector. It was stated in the meeting that unregistered real estate business is also part of money laundering and causes significant regional revenue losses for the country.
