
Under the proposed AML Amendment Act anyone assisting a person in the planning or execution of a transaction or otherwise acting for or on behalf of a person in a transaction to buy, sell or transfer real estate will be subject to the Act. This is in addition to the real estate agent.
In an insolvency situation such as a receivership, the AML could apply to the receiver, its solicitor, its agent and the purchaser’s solicitor. How many people are required to report the same transaction? Surely this is overkill.
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