Latest update April 19th, 2024 12:59 AM
May 12, 2022 News
Kaieteur News – Given an obligation to regulate the real estate sector under the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) structure, Attorney General and Minister of Legal Affairs Anil Nandlall SC has announced that steps will be taken to have the necessary legal framework in place soon.
Nandlall met with a number of real estate agents at the Boardroom of the Attorney General Chambers on Tuesday. At the meeting, the real estate agents requested a regulatory framework to be established by legislation to govern the sector. The agents explained that due to the massive increase sale of real estate in Guyana and with the new Condominium Bill coming into force shortly, there is a need to regulate the sector, especially since international real estate companies are now operating in the sector.
The Attorney General explained that the real estate sector is one of the sectors that Guyana has an obligation to regulate by way of legislation under the (AML/CFT) structure and therefore the request is a timely one. He invited submissions of model legislation, which will be reviewed and approved by the Government after consulting with the sector before it is taken to Parliament for enactment. During his ‘Issues in the News’ commentary on his Facebook page Tuesday night, the Attorney General agreed that regulation for the expanding industry has become necessary since Guyana is now an oil producer.
“It is an outstanding obligation that we have and it assumed greater importance because of intense commercial activities. Regulations are long overdue and the need for regulations to be brought to this industry assumed greater importance since we became an oil and gas producer,” Nandlall said. He explained large international companies are coming to Guyana where large transactions involving the sale and transfer of lands are taking place coupled with several joint business ventures to the tune of billions. He explained that such regulations are necessary in legal framework of the AML/CFT structure.
“We have to understand that our regulatory, accountability and transparency in respect to anti-money laundering and countering the financing of terrorism needs to be constantly updated. It is true that real estate can be a fertile avenue for the laundering of money and proceeds of crime,” added the Attorney General . Nandlall had previously noted the fact that the local real estate market functions in a relatively ad hoc manner. “One of the key things is that Guyana doesn’t have a real estate board… you want to market your property, you tell everybody that you know,” he said, drawing reference to the Guyanese real estate culture.
And in the absence of a regulatory body, board, or authority with sanctioning power, there is no recourse for buyers, expect by way of litigation.
Please share this to every Guyanese including your house cats.
Apr 19, 2024
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