Laundering laws leave mark
Tuesday 7th October 2008, 2:30PM BST.
ESTATE agents have lashed out at new anti-money-laundering laws being imposed upon them. Firms have until 5 December to get in line with legislation that is being introduced by the Guernsey Financial Services Commission to combat the financing of terrorism.
The rules mean estate agents will have to perform a host of extra checks when they act for a client in relation to the purchase or sale of property.
Martel Maides director Keith Enevoldsen (pictured) said the law was piling financial pressure onto firms at a time when costs were already rising.
‘We’re effectively being asked to employ an extra part-time member of staff to deal with this who is not generating any income. A small company like us can’t afford it in the current climate, so I’m having to do it myself. The majority of estate agents in Guernsey are not big enough to absorb the cost of this. However, it’s the law and we have no choice other than to comply – but we’re not happy about it.’
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Welcome to the real world Mr Enevoldsen, we all have a duty to protect not only the island integrity, but the community of the world, if it does not fit in with making money, and lets be fair Estate Agents havn’t done too bad over the years, it would appear you’re not interested.
many people of Guernsey have to make changes in these times.
I hope that the decent Law abiding people of Guernsey take note of your comment in the paper and make up their minds.
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Compliance work is briliant – you get paid an absolute fortune for doing very little – no, it dosen’t make the firm involved any money at all, but for those employed within the compliance profession (which is so new, that there are few people really qualified, especially in Guernsey) it is easy money.
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Well estate agents might actually have to earn a living! After years of making no effort due to low housing stock and readily available credit you might actually have to earn your over inflated commission.
You never know the Advocates might even get competitive and charge realistic fees for doing bugger all as well!
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MR Enevoldsen
You are an estate agent.
You make money from trumping things up.
Can’t you see an opportunity arising here. If you feel that this is such a big issue.
Employ a few experts and farm out to all the other estate agents.
More money for nothing?
That is only if the future is bright but every body is seeing black clouds which don’t move.
Get wit it and cut your cloth accordingly.
We all will have to.
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I reckon if money launders are so high on their products that they are crazy enough to deposit here.
This island would lovingly accept it to mitigate their embarassment
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Keith,
You are right to express your concerns.
Look what happened to small financial firms.
In my company’s case, we were suspended from trading for minor compliance issues. No money laundering, no impropriety, financial or otherwise.
Make sure the GFSC don’t have the power to shut you down and put you out of business.
What is missing in these regulatory issues is the GFSC recognising the genuine concerns of those to be regulated and actually provide help and assistance . Just dumping the problem on small firms and making them get on with shows a complete lack of understanding of small businesses.
Remember individual initiative and independent small businesses have been the lifeblood of Guernsey.
Tony
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Tony Webber
You sound very bitter to me. You don’t like to cut your cloth accordingly but we are all facing the same prospects.
Deal with it.
It applies to everybody.
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Paul,
It is all question of how we are dealt with.
I don’t think anyone disagress with the right things being done, but they have to be done in the right way.
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