The Attorney General (AG) and Minister of Legal Affairs, Anil Nandlall recently met with several real estate agents in Georgetown to discuss matters relating to the sector.
The meeting was held at the AG’s Chambers at Carmichael Street. During that engagement, agents requested that a regulatory framework be established by legislation to govern the sector.
The agents explained that due to the massive increase sale of real estate in Guyana and with the new Condominium Bill coming into force shortly, there is a need to regulate the sector, especially since international real estate companies are now operating here.
The Attorney General explained that the real estate sector is one of the sectors that Guyana has an obligation to regulate by way of legislation under the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) structure and therefore the request is a timely one.
He invited submissions of model legislation which will be reviewed and approved by the government after consultations with stakeholders.
