This is your opportunity to discuss and feedback on RICS’ new draft professional statement ‘Countering bribery and corruption, money laundering and terrorist financing’.
Available FreeBook now
The draft professional statement, Countering bribery and corruption, money laundering and terrorist financing, sets out the obligations for RICS professionals and firms when exposed to situations where illegal financial activities may occur.
We invite all RICS professionals, regulated firms and major stakeholders to provide feedback.
The professional statement will be applicable to all RICS professionals and regulated firms globally, we want to ensure that we engage a wide range of specialisms and expertise.
It is important that you (or your representative) participate in the consultation process so that the final standard is informed by, and reflects, market feedback.
Research by the International Monetary Fund (IMF) estimated that the amount of money laundered, globally, in one year could be between 2 to 5% of global Gross Domestic Product (GDP), equivalent to $800 billion to $2 trillion US dollars.
The property sector is a well-known target for illegal financial activities because it provides the opportunity to legitimise, or launder, large amounts of “dirty money” in a single transaction. PwC’s 2014 Global Economic Crime Survey identified the engineering and construction sector as having the highest rate of bribery and corruption of any industry.
Recently, RICS has undertaken regulatory action in this area, including expelling a member for being involved in money laundering, and issuing a six-figure fine for a firm involved bribery and corruption.