FIJI’S growing drug trade is increasing the risk of illicit money being funnelled into the real estate market.
Real Estate Agents Licensing Board (REALB) chairperson Dr Ilimotama Cawi said criminals involved in the drug trade could attempt to launder money by purchasing houses, land and other property asset, warning property owners to be cautious of buyers offering large cash payments
He said the board viewed the issue as an emerging concern as Fiji grappled with its growing drug problem, noting that property remained one of the easiest ways for offenders to disguise illicit wealth by converting it into legitimate assets.
“By cleaning their debt money, they will be buying real estate assets. House, land, and all those types of things,” he said.
“That’s the only place they’ll wash the debt money.”
Dr Cawi said property owners shouldn’t ‘jump’ at the opportunity for easy money.
He also raised concerns about an increase in real estate scams, particularly those operating through social media platforms.
Dr Cawi said the board’s compliance team monitored suspicious online profiles and investigated reports of fraudulent activity involving property transactions.
To help protect consumers, he said licensed real estate agents were issued official REALB identification cards, which members of the public should ask to see before engaging in any property transaction.
