Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill

Explore the details of bill number 7/2025.

Summary written by AI (learn more)

The Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill seeks to amend existing laws to enhance regulatory measures against financial crimes. The key points include the following:

The bill amends the Estate Agents Act 2010, Housing Developers (Control and Licensing) Act 1965, and Sale of Commercial Properties Act 1979 to align with recommendations from the Financial Action Task Force regarding anti-money laundering, proliferation financing, and terrorism financing.
New definitions related to "counterparty" and "proliferation financing" are introduced to enhance clarity and regulatory oversight.
Licensed estate agents and salespersons are required to conduct due diligence on counterparties when transactions occur without representation, particularly in cases of suspected financial crimes.
The amendments allow for more severe financial penalties for contraventions of regulations concerning money laundering and related offenses on a per-incident basis.
Transitional provisions are included to ensure that the new penalties and compositions do not apply retroactively to offenses committed before the amendments take effect.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

a year ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

a year ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

a year ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

a year ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

a year ago

Voting

The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.

a year ago

Bill passed

The bill is passed and becomes law.

a year ago

Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill

Explore the details of bill number 7/2025.

Summary written by AI (learn more)

The bill amends the Estate Agents Act 2010, Housing Developers (Control and Licensing) Act 1965, and Sale of Commercial Properties Act 1979 to align with recommendations from the Financial Action Task Force regarding anti-money laundering, proliferation financing, and terrorism financing.
New definitions related to "counterparty" and "proliferation financing" are introduced to enhance clarity and regulatory oversight.
Licensed estate agents and salespersons are required to conduct due diligence on counterparties when transactions occur without representation, particularly in cases of suspected financial crimes.
The amendments allow for more severe financial penalties for contraventions of regulations concerning money laundering and related offenses on a per-incident basis.
Transitional provisions are included to ensure that the new penalties and compositions do not apply retroactively to offenses committed before the amendments take effect.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

a year ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

a year ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

a year ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

a year ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

a year ago

Voting

a year ago

Bill passed

The bill is passed and becomes law.

a year ago