Property sector tops money laundering list in new report

The real estate sector is capital-intensive but is not properly regulated. [Courtesy]

The real estate sector has been ranked as one of the major avenues through which proceeds of crime are hidden.

The Financial Reporting Centre’s (FRC) latest report shows that the real estate sector was assessed to have a high money laundering threat in the 2021 National Risk Assessment.

The sector is capital-intensive but is not properly regulated. The assessment attributed the high risk to the attractiveness...