Clause 1 is just establishing the jurisdiction of the law. That is the purpose of clause 1, the area of coverage of the law. This law would regulate agents who are called real estate brokers in this law.
So the practice would involve real estate practitioners who are not brokers, just like insurance practitioners and real estate brokers whom we would call agents. The intendment of this law is captured in the Long Title, but when we extend it --
I know the intendment is to try to deal with a larger issue of money laundering because one of the conduits of money laundering is real estates. So we would want to regulate it so that we would be able to track money laundering.
Come to think about it; a rent of a property for six months or nine months or less than one year, what rent could be paid on it that could be the issue
of money laundering? That is why the original promoters of the Bill said everybody who leases property for less than one year should not come under this Act. Now if in the lease agreement, there is a provision for renewal, then it comes under, and that is captured under clause 12. However, if it is just a period of less than one year, simpliciter, it should not come under the agreement.
Mr Speaker, there must be good reason. I have always discussed this with my brother, Hon Yieleh Chireh. When the drafting instructions are given to the draftsperson and he reduces it into legislation, we are not privy to the policy that is informing the legislation. And so when we change these things, we create problems. We could have even gone to clause 5 by now since there is no problem with clause 1 actually, from the way it stands.