[Source: World Bank Blogs]

The Real Estate Agents Licensing Board has raised concerns about the possibility of proceeds of crime being used in the real estate sector.

The Board’s Compliance and Monitoring Officer, Vinal Singh, emphasized the importance of agents reporting any suspicious activities or large transactions that may be linked to illicit funds.

Singh states that they have been advising their agents to closely monitor such activities to prevent the integration of illegal proceeds into the real estate market.

The REALB Monitoring and Compliance Officer states that agents have been advised to verify all transactions that they handle.

“And also, there may be other instances whereby our agents are not only selling property, but they are also renting out property to various individuals, maybe who are very desperate, looking for property and they are offering money, any amount of money, to look for rental premises, maybe will be used for other illegal activities.”

Singh says that they are committed to keeping the industry safe from harmful activities.

The Compliance and Monitoring Officer says that they have been telling real estate agents not to prioritize money, as they have a social responsibility towards other people to report such issues, particularly drugs.

The REALB is calling for collaboration from all its stakeholders to keep such activities from infiltrating this important sector of the economy.