New Transparency Rules for Real Estate and Vehicle Transactions
This act aims to combat money laundering and terrorism financing by increasing transparency in real estate and vehicle transactions. It introduces new obligations for real estate and vehicle sales professionals, requiring them to collect and report information about beneficial owners. This will help prevent illicit financial flows and protect citizens from fraud.
Key points
Increased transparency in real estate transactions: Real estate professionals will need to collect and report information about the true owners of properties, making it harder to hide illegal funds.
New rules for vehicle sales: Vehicle sales businesses will have to follow similar rules for customer identification and suspicious transaction reporting to prevent money laundering.
Aircraft registration scrutinized: Aircraft owners will be required to disclose information about their beneficial owners, aiming to prevent the use of aviation for illicit purposes.
Pilot program for digital real estate registry: A pilot program for a digital real estate registry will be established to increase transparency and reduce corruption in real estate dealings.
Status:
Expired
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