THE real estate sector has a medium risk of money laundering (ML) and terrorism financing (TF) since it is vulnerable to illegal drugs, corruption, fraud and terrorism. This is according to the Anti-Money Laundering Council's (AMLC) latest assessment of the real estate sector's exposure to ML/TF/proliferation financing. "TF-related STRs, albeit limited, may suggest financing of terrorism activities through transactions posing as real estate investments," the report continued. AMLC has recommended strategies that could be considered or implemented to reduce potential threats and vulnerabilities in the real estate sector. Supervisory agencies and regulators must also undertake or update their own ML/TF risk assessments in regard to cross-sector concerns that could affect the real estate sector.

Source: Manila Times July 13, 2021 17:15 UTC