Khyber Pakhtunkhwa government has taken a big step

Peshawar: The Khyber Pakhtunkhwa (KP) government has taken a significant step towards combating money laundering and terrorism financing by implementing a robust regulatory framework.

The KP government has decided to enforce the Anti-Money Laundering and Counter-Terrorism Financing system. Chief Minister Ali Amin Gandapur has approved the implementation of this system after reviewing the summary. The Federal Board of Revenue (FBR), through the Directorate General of Designated Non-Financial Businesses and Professions, has issued a circular to formalise the decision.

The circular outlines the establishment of a regulatory framework aimed at strengthening efforts against money laundering and terrorism financing. It also acknowledges that designated non-financial businesses and professions are potential channels for illicit financial activities. The Financial Action Task Force (FATF) has categorised these sectors as high- and medium-risk areas under the National Risk Assessment.

As part of the new regulations, real estate agents, precious metals and stones dealers, and their accountants will be closely monitored. Additionally, transactions of various businesses will be reviewed, and transaction records will be maintained for a minimum of two years.

The circular also instructs that suspicious transaction reports must be filed immediately, and the records of such transactions should be preserved for ten years.