One of the main concerns highlighted at the Real Estate Agents Licensing Board talanoa session was money laundering and terrorism financing through real estate.

 

The Real Estate Agents Licensing Board yesterday held a talanoa session with the agents from Suva and the Fiji Financial Intelligence Unit.

 

FIU Representative Ama Gavidi highlighted that they had cases in 2022 of suspicious activity involving possible money laundering, large foreign remittances and real estate transactions.

 

Gavidi says real estate agents should keep proper records to avoid falling victim to such crimes.

 

REALB compliance and monitoring officer Vinal Singh also emphasized record-keeping for their agents.

 

“And you are also required by our act, the REALB Act of 2006, that you have to keep records. So, the records that you will keep in your file for your transaction as a real estate agent are the same records being referred to.”

 

Singh highlighted the importance of having compliance officers assist in reporting suspicious activity as stipulated under the REALB Act.

 

The compliance officer stated that they look forward to voluntary compliance with the standards and financial requirements from the agents.

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source: FBC NEWS