Bahrain's Real Estate Regulatory Authority (Rera) said it has taken several key measures, in co-ordination with other government bodies, to stamp out money laundering in the kingdom’s property sector.

Rera is committed to adopt global anti-money laundering standards for real estate sector and rooting out this menace, stated its CEO Shaikh Mohammed bin Khalifa Al Khalifa.

He was speaking after the publication of a resolution designed to mitigate the risks of money laundering in Bahrain's real estate sector.

"We are determined to the implementation of international standards on anti-money laundering. Rera is working closely with other government bodies on this very important topic," said Shaikh Mohammed.

In bid to curb the menace, Shaikh Mohammed said the real estate watchdog had introduced policies and procedures for real estate licensees to identify and report suspicious transactions and activities.

"All real estate licensees are required to appoint a Compliance Officer within their business who will have responsibility for ensuring compliance with Law 27 of 2017, Rera regulations including Resolution No. (3) of 2019 regarding anti-money laundering and financing of terrorism," he noted.

Bahrain is part of the Financial Action Task Force (FATF) through its GCC membership.

"In addition, Rera will arrange training and issue periodic circulars to ensure that all licensees are kept fully informed of the compliance requirements under local and international laws," he added.-TradeArabia News Service