AG presents draft Real Estate Bill to realtors

May 2, 2023

The draft Real Estate Bill 2023  was presented by Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall, SC, MP when he met with Real Estate  Professionals today. The AG highlighted to the agents the draft bill’s core objectives and main provisions.

During the meeting in the AG’s chambers, he l further explained 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 2023 by the Caribbean Financial Action Task Force (CFATF) and Financial  Action  Task Force (FTAF), 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 said.