Govt to restrict cash use in real estate to curb money laundering

The federal government has decided to restrict cash use and implement reforms in the real estate sector to curb money laundering and terror financing.

A private television channel reported that these decisions were made in a meeting of the National Anti-Money Laundering and Counter Financing of Terrorism Authority, chaired by Ahmed Sukera, during the first week of May.

The meeting also appointed Ehsan Sadiq, a BPS-21 officer, as the Authority’s director general. Other officials will be appointed on deputation to operationalise the authority, with permanent staff to be hired after finalizing the relevant rules and regulations.

The meeting reviewed the progress on implementing the Internal National Action Plan (INAP) concerning cash in organised crimes. It identified unregistered real estate businesses as a part of money laundering, causing significant revenue losses to the national exchequer. The authority decided to seek provincial suggestions on real estate sector reforms.

In March, the federal government announced plans to restructure the National Counter-Terrorism Authority (Nacta) amid rising terrorist attacks.