THE Attorney General’s Chambers has completed drafting the Real Estate legislation following aggressive engagement with stakeholders and other key parties.

Anil Nandlall, Attorney General (AG) and Minister of Legal Affairs, made the announcement on Tuesday during his weekly televised programme, “Issues in the News.”

“The Real Estate Bill is completed, and I will be circulating it to the stakeholders in a matter of days, and the consultative process will continue. Consultation is an important part of our governance and is an important part of our legislative agenda,” the AG assured.

Key components of the legislation will include a code of conduct for real estate agents and brokers, the formalisation of the current transaction process with enhancements, and greater protection for buyers, sellers, agents, and brokers.

He said the real estate sector is one that Guyana must regulate through legislation under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) law.

Last year, the Attorney-General met with real estate agents on numerous occasions to discuss the enactment of legislation for this sector, which is expanding rapidly due to the massive transformation taking place in Guyana.

“Guyana, as is known, is scheduled to undergo a mutual assessment later this year, and one of the deficiencies identified in our AML/CFT structure is the absence of legislation governing real estate transactions,” the AG said.

The government continues modernising its legal architecture while developing new legislation to regulate rapidly expanding industries due to Guyana’s economic transformation.

This forms part of the government’s legislative agenda, aiming to revamp many outdated laws and lay the foundation for anticipated economic development.