Institute for Real Estate Professionals to be set up
A self-regulatory real estate authority for real estate professionals is being driven by the Urban Development Authority to strengthen Anti-Money Laundering (AML) compliance, following the Financial Intelligence Unit of Sri Lanka recommendations.
This has come on the back of the Institute of Real Estate Professionals Sri Lanka Bill, which was formally presented in Parliament last December by Transport, Highways and Urban Development Minister Bimal Ratnayake. He said, “We expect to propose cooperatiaon between different professions in those discussions. The purpose of establishing this institution is for the long-term stability of the national economy.”
To be called the Institute of Real Estate Professionals, it will succeed the Institute of Real Estate and Valuation (IREV), originally established in 2001, with existing Fellow and Associate members transitioning to Corporate Members. Objectives in establishing this institute include maintaining professional standards, protecting public interests in real estate transactions, and regulating businesses in real estate planning, investment, marketing, and brokering.
This body aims to enforce mandatory Construction Industry Development Authority registration, improve due diligence on clients and beneficial ownership, and monitor high-risk transactions, aligning with guidelines recommended by the Financial Action Task Force.
The Bill, having reached its Second Reading in Parliament, is perceived as essential for national economic stability by establishing a statutory framework for real estate professionals who previously lacked formal oversight.
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