Agents worry about dirty-money duties

Property agents were united yesterday in expressing concerns about the role they are being required to play in the government's fight against money laundering.

During a two-hour meeting with the Estate Agents Authority (EAA), five property trade associations voiced misgivings about their members' new responsibilities under guidelines drawn up by the global Financial Action Task Force on Money Laundering. Hong Kong is a member of the taskforce.

The guidelines, which the Security Bureau passed on to the EAA in late June, require agents to report all suspicious transactions to law enforcement officers, check the background details of buyers and keep detailed records of their transactions for at least five years.

The government is reportedly concerned that the recent relaxation of restrictions on visits by tourists from the mainland might make Hong Kong more attractive as a money-laundering centre, especially for funds flowing through the property market.

Alex Tang Yee-man, president of the Society of Hong Kong Real Estate Agents, said: 'Whether we like it or not, we have to follow these guidelines. But they are extremely general and lots of information is missing. Our concerns are about how workable and practical the measures are.

'We were very open and honest about our concerns. For instance, when do we start collecting information on the identity of our clients? If we check everyone who hunts for a flat and keep the records for five years, we will need to rent a warehouse just to store the files.'