The introduction of the Real Estate Agent Authority Act 2020 in Mauritius
The Real Estate sector deals with high value transactions making the sector vulnerable to risks of money laundering. With the introduction of the Real Estate Agent Authority Act 2020 (the “Act”), the real estate sector in Mauritius is now being regulated from an anti-money laundering and countering of terrorism financing (AML-CFT) perspective with a view to:
- promoting transparency, accountability and integrity in the business activities of real estate agents, including business activities of land promoters and property developers;
- protecting and assisting persons engaged in real estate transactions with real estate agents, including land promoters and property developers; and
- ensuring further compliance with recommended international best practices and norms for combatting money laundering and the financing of terrorism and proliferation.
Who is a Real Estate Agent?
A “real estate agent” –
means a person who, or a partnership in which he is a member which, carries out a real estate transaction by –
- negotiating the sale, exchange, purchase or lease of real estate;
- directing or assisting in the procuring of prospects, or the negotiation or closing of transactions which result in the sale, exchange, purchase or lease of real estate;
- taking part in the procuring of vendors, purchasers, lessors, lessees, landlords or tenants of real estate;
- engaging in real estate management, either as a consultant or as an agent;
- advertising or holding himself out as being engaged in the business of negotiating the sale, exchange, purchase or lease of real estate;
- receiving payment for a real estate transaction, either by himself, his partner, his employee or his agent; and
includes –
- a land promoter;
- a property developer; and
- such other class of persons as may be prescribed; but
AML/CFT obligations
The following AML/CFT legislative requirements apply to Real Estate Agents:
- Registration with the Financial Intelligent Unit (FIU)
- Risk assessment
- Developing and implementing policies, controls and procedures
- Appointment of Key Officers
- Customer Due Diligence
- Employee Screening
- AML/CFT Training for directors, officers and employees
- AML/CFT Audit
- Filing of a suspicious transaction report (STR) with the FIU
MITCO can assist Real Estate Agents with:
- your registration with the FIU
- conducting a risk assessment of your business
- the drafting of internal policies and procedures for your company
- performing customer due diligence identification and verification procedures
- providing training customized to the officers of your company
- undertaking an independent AML/CFT Audit
- providing guidance with reporting requirements
- assisting during regulatory inspections
Contact details
For more information, we invite you to contact our Business Development Team by email bd@mitcoworld.com or phone on + 230 404 8000.