The report released last week, however, comes at a time when the government is conducting a 'National Risk Assessment on Money Laundering and Terrorism Financing'. National Treasury CS, on March 22, 2019, appointed a taskforce to spearhead the exercise expected to be complete by December this year. Financial institutions operating in the region should also monitor accounts for red flags related to real estate transactions. The Economic Survey 2020 puts real estate among the specific service activities that significantly contributed to the GDP growth in 2019, which closed at 5.4 per cent. Financial transactions involving real estate exhibit specific vulnerabilities, as real estate purchases can face comparatively less scrutiny than traditional financial sector transactions.

Source: The Star July 20, 2020 00:56 UTC