[Photo: Josefa Sigavolavola]
Authorities are warning that drug dealers are increasingly using the real estate market to launder illicit money.
The Real Estate Agents Licensing Board has confirmed that cash purchases of houses and land are among the easiest ways for criminals to clean drug money, which raises concerns around the integrity of property transactions.
Following the signing of a memorandum of understanding to launch a dedicated code of ethics and a specifically designed education program to protect the integrity of the sector, REALB Chair Dr Ilimotama Cawi stressed that certified agents must carry proper identification to protect the public from possible money laundering.
“For members of the public, holistically, in Fiji we are going through a drug problem. And in the drug problem, you know, they need to clean the dirty money. Cleaning the dirty money, they will be buying real estate assets, houses, land, and all those types of things.”
Dr Cawi is urging real estate practitioners to exercise caution when offered large sums of cash for property sales.
“That’s the only place they will wash the dirty money. So my advice to members of the public, those who are selling their houses, please, do not jump. And, you know, when you are given that opportunity, someone is purchasing using real cash because they could be cleaning that dirty money.”
The Board Chair further says stronger oversight and collaboration talks with enforcement agencies are underway to safeguard Fiji’s property market and prevent criminal exploitation.
