15 JUL 2018
In the Frankfurt banking district two top-level round tables were organised by RICS in Germany to discuss the draft of the RICS Professional Statement 'Countering bribery and corruption, money laundering and terrorist financing'.
Hosted by Clifford Chance`s partner Cornelia Thaler FRICS on 18 and 19 June, the round tables in total gathered 22 real estate experts from leading consulting companies, brokers, valuers, asset managers, open ended vehicles or listed companies as well as lawyers.
An introductory presentation by Dr. Alexander Cappel, Clifford Chance, focused on the risk for companies and managers to fall into the trap of money laundering and terrorism financing. Afterwards, Sabine Georgi, Business Development Manager RICS, commented on the content and intended role of the new RICS standard.
The delegates discussed the challenges in meeting the current obligations for companies which fall under the Anti Money Laundering Act in Germany e.g. brokers or AIFs. Further, they shared their experiences and provided useful guidance.
The delegates welcomed the idea of introducing a real estate linked standard and suggested to work on German best practice for the different sectors to answer the question: Which circumstances could present a “red flag” and require a closer look into the risk process?
The delegates agreed to participate in the work flow and to organise further face-to-face meetings enabling mutual exchange of experiences in order to create a more resilient sector.
The high participation and lively discussions indicated that the companies are truly committed to achieving best practice regarding to perform best possible in the face of the complex issue of compliance.
The delegates underlined their assumption that industry awareness already is high, but but faces limitations while e.g. checking the beneficial owner. A joint database might make sense.
Head of Business Development, RICS in Germany