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Government Plans to Curb Cash Transactions in Real Estate Sector

Real Estate Sector

KARACHI: The federal government has intensified efforts to combat money laundering and terror financing by imposing restrictions on the use of cash and implementing reforms in the real estate sector.

These measures were decided during a meeting of the National Anti-Money Laundering and Counter Financing of Terrorism Authority, chaired by its Chairman Ahmed Sukhera, in the first week of May.

One of the significant decisions made during the meeting was the appointment of Ehsan Sadiq, a BPS-21 officer, as the director general of the Authority.

According to documents, the meeting also resolved to appoint officials on deputation to operationalize the government body while permanent staff would be hired after the finalization of relevant rules and regulations.

The meeting reviewed the progress on implementing the Internal National Action Plan (INAP) concerning the use of cash in organized crimes.

A particular focus was given to the issue of unregistered real estate businesses, which the forum identified as a major avenue for money laundering, resulting in substantial revenue losses for the national exchequer.

To address this, the forum decided to seek suggestions from provincial authorities on reforms needed in the real estate sector.

In March of this year, the federal government announced plans to restructure the National Counter-Terrorism Authority (NACTA) to better address the rise in terrorist attacks in the country.

Interior Minister Mohsin Naqvi emphasized the importance of proactive measures to eliminate terrorists and their facilitators.

He also called for a detailed report on the strength of all provincial counter-terrorism departments (CTDs) and signaled that the federal government would take practical steps to ensure no terrorist outfits receive any pardon.

Naqvi stressed the need for promoting a national narrative against the extremist ideologies of terrorists.

Additionally, a comprehensive strategy is being formulated to eradicate terrorism and extremism, ensuring the full implementation of the National Action Plan (NAP).

The NAP, established by the federal government in December 2014, aims to enhance the anti-terrorist offensive in the wake of the devastating Army Public School (APS) attack in Peshawar.

The measures discussed during the meeting represent a multi-faceted approach to tackling the challenges of money laundering, terror financing, and terrorism.

By tightening regulations on cash usage and implementing stringent reforms in the real estate sector, the government aims to curtail financial avenues for criminal activities.

The restructuring of NACTA and the formulation of a robust national strategy against terrorism and extremism underscore the government’s commitment to maintaining national security and stability.

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