Real estate brokers
Real Estate Brokers:
FRC amended the relevant laws including the law on Legal Status of the FRC and the law on AML/CFT with regard to an adoption of the law on the Proliferation of Weapons of Mass Destruction and Counter-terrorism which was approved in October. The FRC has became responsible for monitoring and regulating the activities of Real Estate Brokers (REBs) and Dealers of precious metals and stones (DPMS).
A package of draft laws was developed to improve the framework for AML/CFT. A working group was established to create a legal environment to regulate the activities of REBs. Development and approval of relevant rules and regulations were made under the Order No. 391 of the Head of FRC Secretariat on 31 December.
FRC conducted an assessment of money laundering and terrorism financing risks of financial institutions and sectors.