Attorney General and Minister of Legal Affairs, Anil Nandlall on Tuesday, held a meeting with members of the Realtor Association of Guyana and the Guyana Association of Real Estate Professionals to present a copy of the draft Real Estate Bill 2023.
During the meeting, which was held at the AG’s Chamber, Georgetown, Nandlall highlighted the core objectives and main provisions of the bill, which aims to provide a regulatory framework for the real estate sector in Guyana.
The Attorney General explained that the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework is scheduled 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 an area where regulation 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,” said the Attorney General.
The Attorney General also invited comments from the local real estate bodies on how the draft may be improved, with interested parties having two weeks to send their comments in writing.
The Bill, which was drafted after consultation with the local real estate bodies and takes into consideration the industry’s best practices and international standards, 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.
Representative of the Guyana Association of Real Estate Professionals, Nicola Duggan, expressed appreciation to the Government for the initiative, which will allow for the transformation of the industry. She thanked the Attorney General for all the efforts exerted thus far and noted that the association looks forward to the enactment of the Bill.
The Bill will be taken to Cabinet for approval, then laid in the National Assembly for enactment as soon as is practicable.
