PHOTO: Advisory firm AML Solutions said property was a favoured mechanism for laundering money. Photo: 123rf.com
The real estate industry is gearing up for when it is covered by anti-money laundering laws.
The sector comes under the scope of the legislation at the start of next year, which already applies to banks, finance companies, sharebrokers, and casinos.
An estimated $1.35 billion from criminal activities is laundered in this country each year, and property is seen as one of the prime means of hiding criminal proceeds.
The Real Estate Institute has created a cloud-based software for agents to report transactions and vet buyers, and its chief executive, Bindi Norwell, said the industry was taking its obligations seriously.
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