The Azerbaijan Association of Realtors has declared special significance of the Bill on Realtor Activity drafted by the AAR with expert support of the International Finance Corporation (IFC).
Association’s executive director Elnur Azadov says that the Ministry of Justice informed them of pre-legal expertise with other governmental agencies.
“The Ministry of Justice not only gave a positive legal opinion, but also pointed to the crucial importance of the adoption of the Bill within the framework of the existing Law on Counteraction to Legalization of Illegally Obtained Funds & the Financing of Terrorism,” Azadov said.
The Law on Money Laundering imposes obligations on financial mediators on informing on suspicious transactions.
“If there is no problem with banks in this regard, situation with realtors is more complicated. The country is numbering about 10,000 individual realtors (not taking into account real estate companies), information on which is completely absent and which are not involved in the process of reporting on suspicious real estate transactions. In this regard, the Ministry of Justice considers some provisions of the Bill useful, in particular, the requirement on compulsory membership of the individual realtor or real estate company in any of the realtor associations, and introduction of a single realtor register in the country. Realization of these provisions will enable the Financial Monitoring Service under the Central Bank of Azerbaijan to ensure participation of realtors in the reporting on suspicious transactions with real estate,” Azadov said.
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