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Shaw urges real estate practitioners to support anti-money laundering efforts

Wednesday, October 10, 2018

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KINGSTON, Jamaica — Minister of Industry, Commerce, Agriculture and Fisheries, Audley Shaw, has urged stakeholders in the real estate industry to continue their drive to support the Anti-Money Laundering (AML) legislation and enforcement initiatives of the Government.

Speaking on behalf of Prime Minister Andrew Holness at the 30th Anniversary Banquet & Awards Ceremony of the Real Estate Board (REB), held at the Spanish Court Hotel in New Kingston on Saturday, Shaw noted that real estate is a one of the areas that readily comes into contact with individuals who may be seeking to circumvent the law.

He acknowledged that the board and its colleague associations have checks and balances in place, but urged them “to be relentless in this regard and take a zero tolerance approach to any inklings that run counter to the law”.

“Our culture of informality may incite some amount of resistance to these regimes, especially AML, but I urge you, as regulator and practitioners, to stand your ground in support of nation building,” the minister said.

He commended the REB for its requirement that all dealers and salesmen take AML courses and make the necessary reports to the REB and the Financial Investigative Division and urged the board to keep up and strengthen its enforcement and training initiatives, where necessary.

“We cannot sit by and allow unscrupulous individuals to poke holes in the mechanisms designed to ensure a healthy financial service sector or our economy,” stated Shaw.

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