Government Banning Purchase of Property | Blacklisting by NACTA

Author: Awais Kayani
Government Banning Purchase of Property | Blacklisting by NACTA

The government has placed a list with the names of specific people who are not allowed to purchase the property. In other words, they can be termed as blacklisted.

The suspicious person list has only one purpose - to stop those people from getting their hands on property. Keeping them at bay seems to be the main purpose of this list.

The Reasons for such steps?

The Government stated two reasons out of many that led them to this conclusion.

The first is ‘Terror Financing’. Terror financing is related to a global and national level threat, where the investor uses the property for harboring ill intent against others or uses the property to solidify their asset and sell them later on when. Terror financing is one of the major crimes that could land you in jail with a high amount of penalty.

The second is ‘Money Laundering’. Money laundering is used by business owners, politicians, and many other figures who wish to hide their wealth offshore. They use offshore accounts for this purpose, in countries where checks and balances are not permitted to anyone else. This makes the property an ideal choice of investment by these people where documentation is harder as no background check system is in place.

Read More: What are offshore companies?

How Many People are Actually listed?

According to the government, there are over 4 and a half thousand people listed that are on the watch list and are not allowed to purchase the property.

The names of these proscribed people are listed at NACTA, National Counter Terrorism Authority. On the website, you can check the names through their CNIC as well.

According to real estate experts, this procedure would be hard to implement at the start. Once the system starts rolling many people would be inclined to go through the systemic procedure to increase their property’s market value.

On the other hand, many real estate experts are of the view that

Many procedures like these have already made real estate investment hard, having another system like this would make it even harder.

Lastly, the Pakistani Government is of a more optimistic view. They believe that after implementing this system

Pakistan would be able to make its way out of FATF Grey list.

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