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RICS steps up industry regulation of money laundering.

RICS has published a global professional statement, titled "Countering bribery and corruption, money laundering and terrorist financing," to help further tackle known problems within the property industry.

RICS has been working with industry and government organizations to address the issue and will make the statement mandatory for members on September 1, 2019.

"While principles in this area were covered by RICS conduct and ethics, this professional statement and its regulation will be specific on certain points," said Nigel Sellars, Associate Director, Commercial Property, RICS.

"The property sector is vulnerable to this sort of activity, and the statement will manage the risk, increasing market confidence in the profession."

The statement's contents will set out the obligations for RICS professionals and regulated firms to minimize their exposure to money laundering, bribery and corruption risks, including how to guard against these financial crimes in day-to-day business operations.

The statement focuses on behavior and will be mandatory for all sectors and disciplines.

It will provide a clear description for member on how to manage the risks while laying out professional and ethical behavior guidelines, providing practitioners and firms with clear and consistent principles on what constitutes a breach of conduct.

Through an extensive global consultation, RICS engaged professionals and industry stakeholders including Transparency International and Financial Action Task Force to address specifically the risks posed by bribeiy and corruption, money laundering and terrorism financing.

"We are enthusiastic about helping property professionals combat and prevent these serious legal and ethical breaches," said Neil Shah, managing director, Americas, RICS.

"We are always working pro-actively to adapt our standards to the shifting challenges facing land, properly and infrastructure organizations, and so we are determined to continue to tackle the serious issue of money laundering, bribery and corruption in the property sector."

RICS promotes and enforces the highest professional qualifications and standards in the valuation, development and management of land, real estate, construction and infrastructure.

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Title Annotation:BANKING & FINANCE
Comment:RICS steps up industry regulation of money laundering.(BANKING & FINANCE)
Publication:Real Estate Weekly
Date:Mar 6, 2019
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