Within the broader initiative on enhancing effectiveness of the Anti-Money Laundering and Countering Terrorist Financing (AML/CFT) regime in the Czech Republic, the Council of Europe Economic Crime and Cooperation Division (ECCD) supported Czech authorities in the implementation of activities aimed at raising awareness on money laundering and terrorist financing (ML/TF) risks in specific sectors which have been identified as being exposed to higher ML/TF risks in the most recent ML/TF National Risk Assessment of Czech Republic.
Following the request from the Financial Analytical Office (Czech FIU), the ECCD provided technical assistance in developing Guidelines on implementing AML/CFT obligations for real estate agents in Czech Republic. The document aims to provide real estate agents with concrete advice on how to identify ML/TF risks in their sector and effectively implement preventive measures commensurate with the ML/TF risks while performing their business operations. For this purpose, the document contains an overview of ML/TF and associated risks, provides ML/TF case examples relevant to the real estate sector, as well as highlights concrete steps for implementing preventive measures in line with the AML/CFT requirements.
In addition, and in order to present the Guidelines to sector representatives, the ECCD has organised, jointly with the Financial Analytical Office (FAO), a training on ML/TF for real estate agents. The event took place on 2 December 2022, in Prague, Czech Republic and gathered 45 participants. The event was opened by the FAO representatives who made a presentation of the Czech AML/CFT Legislative and Regulatory Framework. As a follow-up, participants could benefit from presentations delivered by the Council of Europe expert on ML/TF Risks in the real estate sector, as well as on ML/TF typologies and indicators and risk-based approach in the implementation of customed due diligence measures.
This event was organised within the framework of the Structural Reform Support Programme project on “Enhancing effectiveness of the AML/CFT regime in the Czech Republic”, funded by the European Commission Directorate General for Structural Reform Support and the Council of Europe, and implemented by the Council of Europe.