_Countering bribery, corruption and money laundering to tackle problems within the property industry
Global Property Standards, Associate Director at RICS; Nigel Sellars comments “while principles in this area were covered by RICS conduct and ethics, this professional statement and its regulation will be specific on certain points. The property sector is vulnerable to this sort of activity, and the statement will manage the risk, increasing market confidence in the profession.”
The statement contents will set out the obligations for RICS professionals and regulated firms to minimise their exposure to bribery, anti-money laundering and corruption risks, including how to guard against financial crimes daily. It will offer a clear description of how to manage the risks, and it sets out professional and ethical behaviour, providing practitioners and firms with clear and consistent principles on what constitutes a breach of conduct.
Through an extensive global consultation, RICS engaged professionals and industry stakeholders including Transparency International and Financial Action Task Force (FATF) to specifically address the risks posed by bribery and corruption, money laundering and terrorist financing.
Head of Valuation & Advisory at Knight Frank MENA, Stephen Flanagan comments "given the growing worldwide demand for real estate projects and the economic value generated by such projects, the engagement of the key stakeholders such as engineering, construction and real estate industries in the fight against corruption is clearly of the highest importance. In an emerging, maturing market such as the Middle East, the importance of strong standards on countering bribery, corruption, money laundering and terrorist financing are paramount for the reputation of the market."