RERA committed to implementing international anti-money laundering standards for real estate sector

Manama, Sep. 28 (BNA): The Chief Executive of the Real Estate Regulatory Authority (RERA), Shaikh Mohammed bin Khalifa Al Khalifa, announced the publication of a resolution designed to mitigate the risks of money laundering in Bahrain's real estate sector. “The Real Estate Regulatory Authority is determined and committed to the implementation of international standards on anti-money laundering. RERA is working closely with other government bodies on this very important topic,” he said. Shaikh Mohammed bin Khalifa Al Khalifa added: “RERA has introduced policies and procedures for real estate licensees to identify and report suspicious transactions and activities. All real estate licensees are required to appoint a Compliance Officer within their business who will have responsibility for ensuring compliance with Law 27 of 2017, RERA regulations including Resolution No. (3) of 2019 regarding anti-money laundering and financing of terrorism. In addition, RERA will arrange training and issue periodic circulars to ensure that all licensees are kept fully informed of the compliance requirements under local and international laws.” Bahrain is part of the Financial Action Task Force (‘FATF’) through the full membership of the Gulf Cooperation Council of FATF. Real Estate licensees and other stakeholders are encouraged to visit the RERA website, www.rera.gov.bh to obtain further information on anti-money laundering policies, processes and obligations.