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FATF Consultation on the Draft Risk Based Guidance to the Real Estate Sector - online session


On Thursday 31 March 2022, FATF, the Paris-based Financial Action Task Force, held an online session to engage with the real estate sectors’ professionals and experts in the field of AML, to gather additional insights in view of the revision of the Guidance ahead of its adoption in summer of this year.

The online session touched upon many interesting aspects of the risk-based approach (RBA) to efficiently tackle the issue of money laundering and terrorism financing, as well as sector-specific challenges, as also included and identified in the Guidance. The methodology and terminology of the guidance were also touched upon, and the updated version of the Guidance’s terminology was warmly welcomed by participants. Many relevant legal aspects linked to the RBA and the actors involved were also considered during this interesting consultation. Speakers and participants exchanged views and insights around the broader topic of AML/CFT.

In particular, while the panel on real estate sector-specific challenges was moderated by a representative of CEPI member NAEA Propertymark, a special session was also dedicated to the Belgian-developed “AML digital tool”, which case study is also included in the RBA Guidance. Representatives of Belgian CEPI member, CIB, presented it to the audience, underlining its key features and its efficiency in helping agents in their due diligence.

The FATF public consultation on the draft Guidance is open until April 22. For more information on the draft and how to submit your feedback, please refer to: https://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-consultation-guidance-real-estate.html. FATF will consider all feedback received by the deadline and eventually review the draft before its proposal for adoption during the FATF Plenary scheduled for 22 June 2022.