Legislation to govern the real estate sector will soon be developed.
This was one of the outcomes of a meeting between real estate agents and Attorney General Anil Nandlall on Wednesday.
A release from Nandlall’s office said that upon their request, he met with a number of real estate agents at the Boardroom of the Attorney General’s Chambers.
At the meeting, the release said that the real estate agents requested a regulatory framework to be established by legislation to govern the sector.
“The agents explained that due to the massive increase (in) sale of real estate in Guyana and with the new Condominium Bill coming into force shortly, there is a need to regulate the sector, especially since international real estate companies are now operating in the sector”, the release stated.
The Attorney General noted that the real estate sector is one of those that Guyana has an obligation to regulate by way of legislation under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) law and therefore the request is a timely one. He invited submissions of model legislation which will be reviewed and approved by the Government after consulting with the sector before it is taken to Parliament.
