PHOTO: SUPPLIED – The managing director of Savills, Jonathan Lyttle, says some clients are concerned about their privacy.
New rules to stop money laundering are about to hit the real estate industry, which is considered a high risk sector, according to the Justice Ministry.
Savills managing director in Christchurch Jonathan Lyttle said “it feels a little Orwellian” and some clients were unhappy about it.
The rules take effect from January 2019, and later next year will apply to companies selling jewellery and cars, to prevent criminals turning dirty money into clean money.
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