UK based estate agents reminded about money laundering rules

17 Oct 2012

UK based estate agents who assist clients to buy or sell overseas property are being reminded that they should now comply with anti-money laundering regulations.
Since the 01 October they face a fine or prosecution if they are not registered with the Office of Fair Trading.

The OFT said that around 7,000 estate agents and 6,000 consumer credit lenders have now registered under AML regulations.

‘The changes to the regulations will help to deter, detect and disrupt financial crime by reducing businesses’ vulnerability to being used for money laundering or the financing of terrorism,’ said David Fisher, OFT director of anti-money laundering.

He added that the OFT welcomes the decision of the First Tier Tribunal to dismiss an appeal by Sussex based estate agent Mansell McTaggart Limited against a £3,000 fine imposed by the OFT for carrying on estate agency work while unregistered.
The Tribunal found that the penalty imposed in this case was appropriate. Mansell McTaggart Limited is now registered with the OFT under the AML Regulations.

‘It is important that businesses comply with the regulations and register with the OFT. As shown by our action against Mansell McTaggart Limited, where they do not, we will impose penalties,’ explained Fisher.

MONDAY, 08 OCTOBER 2012
http://www.propertywire.com/news/europe/estate-agents-money-rules-201210087017.html