SUVA, July 9 (Xinhua) -- Fiji's real estate sector is strengthening anti-money laundering safeguards amid growing concerns that proceeds from illicit drug activities are flowing into property transactions.
The Real Estate Agents Licensing Board (REALB) has warned that criminals are increasingly using cash purchases of houses and land to disguise illicit funds, posing a threat to the integrity of the country's property market.
The warning came after the board signed a Memorandum of Understanding on Thursday to introduce a dedicated code of ethics and a specialized education program aimed at improving professional standards and protecting the industry from financial crimes.
REALB Chair Ilimotama Cawi said certified real estate agents must carry proper identification and follow strict professional practices to help reduce the risk of money laundering.
He said Fiji was facing a growing drug problem, with offenders seeking to "clean" illegal proceeds by investing in real estate assets, including residential properties and land.
Cawi urged homeowners and property vendors to be cautious when approached by buyers offering to pay large amounts in cash, warning that such transactions could involve the laundering of criminal proceeds.
He called on the public not to rush into accepting cash offers without conducting appropriate checks, saying vigilance from both sellers and real estate professionals is essential to protecting the sector.
The board is also working to strengthen oversight of the industry and expand cooperation with relevant enforcement agencies to prevent Fiji's property market from being exploited for criminal activities. ■
