October 16, 2021
Real Estate

Unregulated real estate – Newspaper

THE fact that the bulk of real estate transactions are still being conducted outside the oversight of the authorities demonstrates that the introduction of reporting requirements for realtors, builders, developers and other players in this business will not be enough to regulate one of the largest undocumented sectors of the economy. It shows that the reporting conditions for real estate players who are meant to meet a key condition of the 27-point FATF action plan to curb money laundering and terrorism financing are good only for transactions carried out legally. That only a fraction of 500,000 realtors, builders and others have so far registered their business with the FBR for compliance with the FATF-related condition betrays strong resistance from the vast majority of market players who find it more profitable to operate in the shadows. It also says a lot about the unwillingness…

Read full article here: www.dawn.com