The decision was taken by the National FATF Coordination Committee (NFCC) at its recent meeting. Prime Minister Imran Khan
...aka The Great Khan, who ain't the sharpest bulb on the national tree...
had set up the high-powered 12-member NFCC in the first week of October to ensure execution of all FATF-related tasks till Dec 1.
A senior government official told Dawn that the NFCC has decided to appoint the Federal Board of Revenue (FBR) as an interim regulator for the real estate sector in view of disagreement among key stakeholders over creation of proposed Real Estate Regulatory Authority. The FBR will also act as a regulator for jewellers, jewels, diamonds and precious stones because there was no regulator at present for the sector.
Likewise, the NFCC has recommended the role of regulator for lawyers, legal advisers and law firms to the Ministry of Law and Justice. It authorised the Audit Oversight Board to act as a regulator for chartered accountants, accountants, financial consultants and all those relating to accounts groups.