News News Flash – Regulation to prevent and combat money laundering and financing of terrorism in the real estate sector 23/04/2019

Regulation No. 276/2019 (“Regulation”) of the Institute for Public Markets, Real Estate and Construction, I.P. (“IMPIC”) in respect of the prevention and combat to money laundering and financing of terrorism (“ML/FT”) in the real estate sector was published in the Government´s Official Gazette last 26 March 2019.

Said regulation sets forth the mechanisms and procedures inherent to compliance with the prevention and combat to ML/FT, under the supervision of the IMPIC.

Financial or non-financial entities carrying out reals estate operations or property brokering acts, purchase and sale of properties, purchase of properties for resale or swap, real estate promotion and property lease are subject to the Regulation.

To know more on this Regulation please consult our News Flash here.