New laws aim to make it harder to launder ill-gotten gains through property

June 29, 2026 - 01:13

For the first time, real estate agents, lawyers, accountants, and other professionals will be legally required to report suspicious financial transactions under a sweeping update to anti-money laundering laws. The new regulations are designed to close loopholes that have long allowed criminals to launder ill-gotten gains through property purchases.

Previously, the real estate sector operated with far less oversight than banks or financial institutions, making it an attractive target for those seeking to clean dirty money. Criminals could buy high-value homes or commercial buildings using shell companies or third-party intermediaries, often without raising red flags. Under the new rules, professionals involved in property deals must now verify the true source of funds and report any activity that seems unusual or inconsistent with a client's known financial profile.

The changes also extend to lawyers and accountants who facilitate property transactions. They will face penalties for failing to report suspicious behavior, including large cash payments, rapid flipping of assets, or deals involving high-risk jurisdictions. Supporters of the law argue it will make the housing market more transparent and reduce the incentive for organized crime to park illicit funds in bricks and mortar.

Critics, however, warn that the new requirements could create additional paperwork and slow down legitimate transactions. Some small firms worry about the cost of compliance and the risk of accidentally missing a red flag. Despite these concerns, regulators emphasize that the goal is not to burden honest professionals but to cut off a major avenue for financial crime. The laws take effect later this year, with authorities planning a public awareness campaign to help affected businesses understand their new obligations.