The National Risk Assessment, conducted via a partnership between the government and the World Bank, was aimed at addressing money laundering and terrorism financing risks within the local economy. That assessment was a major concern for the Bahamas Real Estate Association (BREA), according to BREA President Carla Sweeting, who said there is a perception about The Bahamas' real estate market being used to foster illegal money.

Sweeting addressed the issue during a conversation with Guardian Business yesterday.

"The world looks at us like how we look at the unregulated gaming houses. Where they feel that because there is so much human trafficking, drug trafficking, crime, and money laundering there must be somewhere that the money is going. And, they believe that the easiest place for the money to go would be into real estate," said Sweeting.

"We had a National Risk Assessment which was a huge issue for our association," said Sweeting.

The BREA president insisted that the Compliance Commission and all the persons involved with doing the assessment are very concerned with the association's image and reputation.

"My goal is to preserve the professionalism and integrity of our association so we are not looked upon as shady people that go around collecting money," said Sweeting.

She also explained that realtors are not responsible for their clients' source of funding.

"We had to prove ourselves as realtors that we don't collect money. We don't hold money for anybody. It's all down to the legal system, the KYC (know your customer) regulations, and the financial laws are the safety net for catching any money," said Sweeting.

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