Establishing formal rules to govern the real estate sector in T&T will be a key part of the legislative agenda of the Keith Rowley-led administration says Minister in the Ministry of the Attorney General Stuart Young.
Speaking at Tuesday’s inaugural Real Estate Awards hosted by Trinidadrealtor.com and held at Queen’s Hall, St Ann’s, Port-of-Spain, the minister said the Government was prepared to respond to numerous overtures by industry practitioners for proper operating guidelines to be introduced.
“I wish to talk very briefly about regulating the industry and to send a message to the industry that I intend to open consultation with you. The legislative agenda is part of my portfolio and you have already begun to be regulated under the FIU (Financial Intelligence Unit). Of course, as you will be aware that those who try to defraud and to money launder have tried to utilise real estate in the past. Your industry plays a very important role in helping the development of T&T in combatting money laundering and fraud and other elements that then seek to undermine our society,” he said.
Young continued: “So I would like to signal to you all the way forward, that it is important that you put your collective minds together and come up with the areas that you think are important for self-regulation, so eventually you will have an agenda that we could quickly move forward to bring it to reality.
“The role that you will play in continuing to keep our economy alive going forward should not be underestimated and I give you the commitment here tonight, on behalf of the Government of T&T, that we are prepared to work along with you, in moving your industry forward to self-regulation and in moving the economy of T&T,” Young said.
He added: “Your industry walks away a winner here tonight because of the work Trinidadrealtor.com is doing to bring together that large body of information under a very user-friendly umbrella. I ask you to keep working together as an industry.”