Zaqy Mohamad on Estate Agents (Amendment) Bill
Share this content
Zaqy Mohamad on Estate Agents (Amendment) Bill(Updated: )
Using real estate to launder large amounts of illegal funds is a known method for money laundering. In Parliament on Tuesday (May 5), Minister of State for National Development Zaqy Mohamad opened the debate on a Bill to strengthen safeguards against this, as well as terrorism financing in the industry. It sets out the duties of estate agents and salespersons to prevent such acts, and provides for disciplinary action to be taken by the Council for Estate Agencies for non-compliance. It enhances the CEA’s investigative powers and increases the maximum financial penalties.