Fiji’s Financial Intelligence Unit (FIU) director, Caroline Pickering, stressed the urgent need for regulations in the real estate sector to address risks like money laundering. Addressing attendees at the 6th National Real Estate Conference in Nadi, Ms. Pickering highlighted that the sector’s lucrative nature makes it appealing for criminals to invest illicit profits, underscoring that rigorous regulations would protect consumers, ensure ethical behavior by agents, and promote transparency and accountability.
A major aspect of the proposed regulatory framework is to find a balance that fosters innovation and growth within the sector. Ms. Pickering pointed out, “We need to protect the consumers; we need to protect the real estate agents and traditional landowners of the native land.” It is essential to design laws that are fair and proportional to the risks involved without over-designing them.
The call for stringent regulations echoes sentiments shared by Deputy Prime Minister Manoa Kamikamica, who emphasized the importance of embracing ethical practices to stimulate Fiji’s economic recovery. He previously mentioned the necessity of enhancing professional standards to address concerns regarding unlicensed agents and to improve consumer confidence.
There is a growing recognition that increased regulations could lead to a more conducive business atmosphere that promotes trust among investors and better serves the market, ultimately facilitating sustainable economic growth. Looking ahead, as Fiji’s real estate sector navigates these changes, the collaborative efforts among stakeholders, including regulators and industry professionals, are essential for fostering a resilient and thriving environment.
The outlook remains hopeful as stakeholders work toward a well-regulated real estate market, which is crucial for safeguarding Fiji’s economic integrity and ensuring that it remains an attractive destination for investment.
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