Peshawar — The Khyber Pakhtunkhwa Cabinet, led by Chief Minister Ali Amin Gandapur, has approved the implementation of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) system.
This approval, made during the 20th Cabinet meeting, marks a step in the province’s efforts to address money laundering and terrorism financing.
Under this system, real estate institutions operating within KP will be required to register with the Federal Board of Revenue (FBR) through the regulatory body, the Designated Non-Financial Businesses and Professions (DNFBP). The system aims to improve transparency and accountability in the real estate sector, an area often used for money laundering and terrorism financing.
The decision aligns with financial regulations and is expected to strengthen the province’s compliance with international standards on combating financial crimes. It also highlights the Khyber Pakhtunkhwa Cabinet’s commitment to preventing activities that can affect the economy and national security.
By bringing real estate businesses under regulatory control, the government seeks to close financial gaps that have been used by terrorist organizations and criminal groups. Real estate transactions, which involve large sums of money, have been a target for money laundering activities, and this system will ensure that such transactions are transparent and traceable.
The implementation of the AML/CFT system will also support the federal government’s efforts to meet international obligations, including those set by the Financial Action Task Force (FATF), an organization that sets standards for anti-money laundering and counter-terrorism financing measures worldwide.
Chief Minister Ali Amin Gandapur stated that this move is part of a broader strategy to strengthen the Khyber Pakhtunkhwa Cabinet’s financial systems and protect the economy of the province. He also urged stakeholders in the real estate sector to follow the new regulations and cooperate with the authorities to ensure that the system is implemented effectively.
The AML/CFT system is expected to play a role in the fight against terrorism financing, creating a more secure financial environment in Khyber Pakhtunkhwa. This initiative reflects the Khyber Pakhtunkhwa Cabinet’s approach in addressing financial crimes and enhancing security in the region.
