Vikram Nair on Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill
Banks and law firms currently have due diligence obligations in conveyancing transactions, which already creates quite a secure backdrop to limit money laundering in property deals, said MP Vikram Nair. So, what “additional mischief” would be captured under new legislation imposing obligations on the real estate sector? Mr Nair said his main concern was that estate agents might not have the same resources as banks and law firms to conduct due diligence. He spoke in parliament on Tuesday (Apr 8).
Banks and law firms currently have due diligence obligations in conveyancing transactions, which already creates quite a secure backdrop to limit money laundering in property deals, said MP Vikram Nair. So, what “additional mischief” would be captured under new legislation imposing obligations on the real estate sector? Mr Nair said his main concern was that estate agents might not have the same resources as banks and law firms to conduct due diligence. He spoke in parliament on Tuesday (Apr 8).
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