While pointing out that the real estate sector is practically unregulated, the Attorney General (AG) and Minister of Legal Affairs, Anil Nandlall SC has stated that it is time for that to change in the face of Guyana’s unprecedented economic growth.
According to a Ministry of Legal Affairs release, Nandlall made these remarks at a meeting yesterday at the ministry’s offices with representatives of the Realtors Association of Guyana and the Guyana Association of Real Estate Professionals. At the meeting, he presented a copy of the draft Real Estate Bill 2023 and highlighted its core objectives and main provisions to the real estate group.
The release explained that although the Bill provides for the sector to be as self-regulatory as possible, it incorporates a structure that brings together the government, the private sector, and real estate operators. It addresses the licensing of realtors, qualifications required, ethical rules governing transactions, disciplinary procedures, the establishment of a governing authority, and creates offences for non-compliance, among others.
Further, the Bill was drafted after consultation with the local real estate bodies and takes into consideration the industry’s best practices and international standards. The AG invited comments from the local real estate bodies on how the draft may be improved and interested parties have two weeks to send their comments in writing. He also assured that he is open to meeting with the agents again after the comments are received.
Nandlall explained to the real estate representatives that Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework is slated to undergo its fourth round of mutual evaluation in September by the Caribbean Financial Action Task Force (CFATF) and Financial Action Task Force (FATF), and the real estate sector has been identified as one of the areas where a regulatory framework is needed.
“The Bill will provide the requisite accountable and transparent legal framework in which real estate agents will operate and by which their transactions will be governed. The economic explosion taking place in the country results in billions of dollars passing through this sector which currently is almost completely without any regulation. This has been identified as a grave risk and such a state of affairs simply cannot continue. The Bill will be taken to Cabinet for approval, then laid in the National Assembly for enactment as soon as is practicable,” the Attorney General was quoted as saying.
Representative of the Guyana Association of Real Estate Professionals, Nicola Duggan, thanked the Attorney General for the meeting and extended appreciation to the government for the initiative. She noted that the association looks forward to the enactment of the Bill, the release added.
