Online estate agency
Since 2017, estate agencies have been responsible for conducting checks on the finances of clients, in an alempt to stop the proceeds of crime being laundered through the buying and selling of property. HMRC is able to carry out spot checks at any time to ensure such checks are being carried out.
The fine imposed is a stark reminder to estate agents of all sizes that HMRC will not hesitate to enforce proceedings should there be a lack of anti-money laundering controls and compliance.
Property is - and probably always will be - one of the most common methods for criminals to hide money. That is why responsibilities have been placed on estate agents - and why all estate agents have to have adequate compliance programmes in place to reduce the risk of money laundering.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Mr
Rahman Ravelli Solicitors
EC4Y 8BQ
Tel: 203947 1539
E-mail: aziz.rahman@rahmanravelli.co.uk
URL: www.rahmanravelli.co.uk
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