Estate agents who belong to the RICS may have to sign up to a new professional statement pledging to avoid and report suspicions of bribery, corruption, money laundering and terrorist financing.
RICS said many of its members already follow rules that avoid these risks but a new global consultation among all its members will put their obligations in writing in the form of a professional statement.
The draft statement provides guidance on avoiding bribery and corruption by stating all RICS members must declare any gifts, entertainment, hospitality and charitable donations and must report any concerns of breaches of anti-bribery and corruption laws.
On avoiding money laundering and terrorist financing, the statement says RICS members must identify the beneficial owner of a company/client involved within a transaction, report suspicious activity and go on any training in these areas offered by their employer or regulator.
Peter Bolton King, global director of professionalism and ethics for RICS, said: “Governments legislate against these crimes; some organisations have strict policies that guard against them and most individuals understand the repercussions associated with them.
“As a global professional body, RICS has a responsibility to ensure that we set out the minimum requirements and obligations for our professionals and regulated firms to ensure their activities do not involve or facilitate bribery, corruption, money laundering or terrorist financing.
“It is therefore imperative that our practitioners, regulated firms, clients of surveying services and other stakeholders participate in the consultation and that our final standard reflects the reality of a modern profession and professional practice.”
The consultation closes on July 31.
https://consultations.rics.org/consult.ti/AMLPS/consultationHome
Comments (7)
Perhaps RICS would be so good as to define “bribe” for us?
Ahhhh… they appear to have done just that in their Consultation Document:
“This is the offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action, which is illegal, unethical or a breach of trust.”
So… where a potential buyer (investor/developer) who is known to favour that particular Agent with re-sales of the properties there will be a requirement to report that to their client?
Funny – I thought that was written in stone already.
LONG AGO.
Me too. A right old pair of fuddy duddies we are.
Can I join, its what I thought as soon as I read the headline.
So professional members of RICS can’t be trusted unless they sign a pledge. That’s reassuring confidence for RICS members?
Ticking a box won’t get surety! Robust processes and people actually using their eyes and ears and in certain cases whistleblowing is what is required. This culture of legislation by policy annoys me, actively police it, as those who are easily swayed by money or gifts will continue to be…Corruption and cheating is still rife in the world of commerce…hunter killers are what gives these bits of paper power.
No sooner have I written this and there is a gift that has been called into question with politicians ‘Esther McVey, the Cabinet’s chief opponent of fixed odds betting controls, who lives with ex bookmaker Philip Davies MP accepted £270 ticket to Cheltenham Festival from William Hill. Ms McVey is Secretary of State for Work and Pensions. She and her husband apparently are not against restrictions on the betting industry! This shows the farce of the RICS consultation.
Right,I’m off to watch the latest series of Billions….
Surely the RICS already has a section where it requires members to work within all existing and future civil and criminal laws?