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2019-12-23

DNFBPs Notification

This notification officially designates specific regulatory and supervisory authorities for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) compliance across Designated Non-Financial Businesses and Professions. Accountants are regulated by ICAP/ICMAP under the SECP or the FBR, while precious metal dealers and real estate agents fall under the FBR, and lawyers are supervised by the Pakistan Bar Council. The Financial Monitoring Unit is tasked with issuing operational guidelines to these newly designated bodies, effectively superseding the previous notification dated December 16, 2019.

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Pakistan

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TO BE PUBLISHED IN THE GAZETTE OF PAKISTAN PART -II

GOVERNMENT OF PAKISTAN Finance Division Internal Finance Wing Anti-Money Laundering Section-I

Islamabad, the December 23, 2019.

NOTIFICATION

S.R.O. (I)/2019.—In exercise of powers conferred by Section 5(7)(a) of Anti-Money Laundering Act, 2010 (VII of 2010) the General Committee is pleased to notify the following authorities as AML/CFT regulatory and supervisory authority for Designated Non-Financial Businesses and Professions (DNFBPs) Sector:-

S. No.DNFBP SectorAML/CFT Regulatory and Supervisory Authority
i.Accountantsa. The Institute of Chartered Accountants (ICAP) and the Institute of Cost and Management Accountants (ICMAP) for their respective members. b. The Securities and Exchange Commission of Pakistan (SECP) will be ultimate Regulator & Supervisor of ICAP and ICMAP, till further orders. c. The Federal Board of Revenue (FBR) shall be Regulator & Supervisor for remaining categories of Accountants including but not limited to members of ACCA, CIMA, PIPFA.
ii.Precious metal/ gem DealersFederal Board of Revenue
iii.Real Estate AgentsFederal Board of Revenue
iv.LawyersPakistan Bar Council through Ministry of Law and Justice

  1. The Financial Monitoring Unit shall issue guidelines for the above-mentioned AML/CFT Regulatory and Supervisory Authority.

  2. This Division's Notification of even number dated December 16, 2019 hereby stands withdrawn/cancelled ab initio.

[F. No. 4-2 AML-I/NRA-2014-18]

(Asif Ali Alvi) Deputy Secretary (AML)

--:02:--

Copy to:-

  1. Secretary, Interior Division, Islamabad.
  2. Secretary, Ministry of Foreign Affairs, Islamabad.
  3. Secretary, Law and Justice Division, Islamabad.
  4. Chairman NAB, Islamabad
  5. Chairman FBR, Islamabad
  6. Director General (C), ISI, Islamabad
  7. Director General, Military Operation, GHQ, Rawalpindi
  8. Director General, Federal Investigation Agency, Islamabad
  9. Director General, Anti Narcotics Force, Islamabad
  10. Deputy Governor, State Bank of Pakistan, Karachi
  11. Commissioner SECP, Islamabad
  12. Director General, Financial Monitoring Unit, Karachi.
  13. SA to Finance Secretary, Finance Division, Islamabad.
  14. PS to AFS (IF), Finance Division, Islamabad.

(Sardar Shahzad Khan) Section Officer (AML-I)

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