On August 16th, 2022, the Realtor Association of Guyana met with the Financial Intelligence Unit (FIU) to discuss the role which realtors are required to play in ensuring the sector is in compliance with the requirements of the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2009.
A release from the association said it was highlighted that Real Estate Agents are classified as Reporting Entities under the Act and there are specific reporting and other obligations in the Act with which Realtors must comply.
Representatives of the FIU explained that it is essential for Real Estate professionals in Guyana to be trained to ensure they fully understand their obligations as Reporting Entities, and the FIU is willing to coordinate with the Association to ensure its members and practitioners are trained.
The release said it was agreed that the Realtor Association will seek to encourage its members to register with the FIU and begin their reporting obligations to the FIU.
Other issues addressed by the FIU included the security and confidentiality of information shared by Real Estate Agents with the FIU, the role of the Supervisory Authority (the Guyana Revenue Authority) and their legally prescribed sanctioning powers and measures that can be imposed on Reporting Entities for non-compliance with their obligations under the AML/CFT Act.
Those in attendance from the FIU were Matthew Langevine – Director, Alicia Williams – Head of Compliance and Outreach and Yonette Romao-Scarville – Attorney-at-Law
From the Realtor Association of Guyana those in attendance included Chief Samsair of Century 21 Realty – President, Komal Ramnauth of Kojac Realty – Chairman.
