The authorities in Karachi have announced a ban on cash transactions in the real estate sector, signaling significant reforms ahead. Under the chair of Chairman Mushtaq Ahmed Sukhira, a pivotal meeting was convened where the decision to activate the National Anti-Money Laundering and Counter-Financing Terrorism Authority was endorsed. Grade 21 officer Ahsan Sadiq was appointed as the Director General to spearhead the authority’s initiatives.
Documents from the meeting held in the first week of May outlined pivotal steps towards reform. The ban on cash transactions in real estate was among the key decisions, alongside plans to recruit staff on deputation and eventually on a permanent basis to bolster the authority’s operations.
The meeting emphasized the importance of provincial input in real estate reforms, noting that unregistered real estate businesses contribute to money laundering and substantial revenue losses for the country.Authorities reiterated their commitment to the internal national action plan aimed at curtailing cash usage in organized crime, signaling a proactive approach in combating financial malpractice.
To support the authority’s endeavors, Rs 300 million has been proposed for the fiscal year 2024-2025, underscoring the government’s dedication to strengthening financial oversight and transparency measures.
