Property Sector Strengthens Anti-money Laundering Measures: Regulator

South Africas property sector is making significant progress in implementing anti-money laundering AML measures, according to regulators.

The Property Practitioners Regulatory Authority PPRA reports that estate agents are demonstrating strong compliance efforts as the country works towards removal from the Financial Action Task Forces FATF greylist.

However, the Financial Intelligence Centre FIC warns that more concerted action is required from both legal professionals and property practitioners to address the deficiencies that led to South Africas greylisting in 2023.

The FATFs decision came after the country fell short of international standards for combating illicit financial flows.

The PPRA, which hosted an SMME Incubation event in Midrand on Friday, emphasises the real estate industrys commitment to strengthening financial controls.