New Bill to Tackle Money Laundering in Real Estate Transactions

New Bill to Tackle Money Laundering in Real Estate Transactions

TIRANA, July 16

Real estate is considered one of the most fertile sectors for money laundering in Albania. Not only it provides an opportunity for laundering illicit funds, but also has a huge impact on the real estate market. Hence, Albanian authorities are consulting a new bill on the regulation of real estate brokerage. The bill aims to regulate the activity of brokers, their rights and obligations, disciplinary measures, transaction fee-charging, and defining relations with third parties. One of the main goals of the new bill is the identification of potential money laundering.

According to the bill, real estate brokers and their data will be included in a public register. Real estate brokers must meet some requirements to get a license. According to the bill, even international citizens that comply with the set criteria will be able to be equipped with a real estate broker license. Among the criteria, they must be able to show proof of Albanian language proficiency.
Further on, the bill defines that brokers must complete a compulsory training program.

Read also: Real Estate Prices Up by 13.8% in Second Half of 2019

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Source: Monitor, Scan TV

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