New bills tabled in National Assembly to revolutionise Guyana’s legislative framework
Several bills were on Thursday tabled in the National Assembly with a vision to revolutionise Guyana’s legislative and socioeconomic framework.
The proposed bills included the Real Estate Agents and Brokers Bill of 2023, the Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (Amendment) Bill 2023, the Data Protection Bill 2023, and the Guyana Compliance Commission Bill 2023.
Attorney General and Minister of Legal Affairs, Anil Nandlall, SC, presented the Real Estate and Brokers Bill of 2023, noting that it will provide for the registration and regulation of real estate agents, brokers, sales associates, and other related matters.
The bill becomes necessary in light of the increasing number of property sales and rental transactions in Guyana.
It seeks to establish a code of conduct for real estate agents and brokers, targeting the licensing of realtors, qualifications required, ethical rules governing transactions, disciplinary procedures, as well as the establishment of a governing authority, and creates offenses for non-compliance, among other issues.
The bill has undergone several rounds of consultations with a number of stakeholders, including real estate agents.
Further, the Guyana Compliance Commission Bill of 2023 was also read for the first time and provides for the establishment of the Guyana Compliance Commission.
Speaking on this bill during his televised programme, ‘Issues in the News’ earlier this month, the AG said it addresses instances where certain agencies lack regulatory or supervisory bodies.
“Wherever one cannot find a proper regulator or supervisor for any given area of economic and financial activity, this compliance commission will act as a supervisor,” he stated.
The legislation will also play a crucial role in making the country’s legislative framework compliant with Caribbean Financial Action Task Force (CFATF) guidelines.
Meanwhile, the Data Protection Bill of 2023 introduced by Prime Minister, Brigadier (Ret’d) Mark Phillips, will help to regulate the collection, storage, processing, use, and dissemination of personal data, all in a private manner.
The bill is expected to aid in aligning Guyana with the international best practices on data protection and privacy.
The newest modification of the Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (Amendment) Bill 2023 significantly strengthens the government’s legislative ability to forfeit assets and proceeds of crime.