MANAMA: The Real Estate Regulatory Authority (RERA) has cracked down on some developers for non-compliance with the requirements to combat money laundering.

Declining to name the violators, the regulator said in a statement yesterday that violations have been detected by a number of licensees, including some real estate developers who have not complied with RERA guidelines regarding the National Risk Assessment Report and the filling out of the electronic off-site inspection questionnaire related to anti-money laundering.

Actions taken include administrative measures with the violators required to submit documents, the authority said.

This is in implementation of resolution (3) of 2019 on the obligations related to Procedures of Money Laundering and Terrorism Financing Prevention in Licensed Real Estate activities.

RERA said it will not hesitate to take legal action against licensees in accordance with laws related to anti-money laundering and terrorist financing and in line with the strong national efforts of the government in this matter.

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