Clamping down on money laundering in real estate

The  Association of Real Estate Agents (AREA) recently met to finalise their draft of a bill which seeks to protect people from unscrupulous persons involved in real estate. In addition, the legislation seeks to tighten up on practices that might allow illicit money to be laundered via real estate transactions, thus supporting government initiatives in this area. In moving for legislation within their industry, AREA aims to make it more professional by instituting annual licensing, broker examinations, setting industry standards and creating an arbitration body to which the public will have recourse.

The new Institute of Real Estate Agents will be self-financing and self-governing with government participation via technical agency representatives as well as a government representative appointed by the responsible minister. AREA’s draft bill will be tabled for approval in Cabinet, following publication of the draft for general comment. Here AREA’s attorney, Christine Toppin-Allahar (centre, seated) goes over a point on the draft legislation bill with AREA Board members (left to right standing) John Snaggs (AREA Board member), Paul de Gannes (Vice President AREA), Irwin Elder (Board Member), Joseph Lewis (Board Member) (seated) Patricia Lazzari (AREA President) and Dawn Glaisher (Secretary).