The Treasury Committee has published a report on ‘Economic Crime – Anti-money laundering supervision and sanctions implementation’.
The report found that the true scale of economic crime in the UK is very uncertain, with estimates ranging from the tens of billions of pounds to the hundreds of billions. It is therefore suggested that a more precise estimate of the scale of economic crime in the UK is needed.
Two sectors of particular concern identified by the report are property and company formation. In particular Estate agents have been criticised for anti-money laundering (AML) failings The Security Minister at the Home Office called them a “weak link” in the AML regime. It is suggested that HMRC should ensure that estate agents are registered with it for AML-purposes and ensure that they are following best practice. This report comes on the back of a £215,000 fine for Countrywide estate agents for AML failings.
Estate Agents concerned about these requirements or any aspects of anti-money laundering can contact us for advice at email@example.com or call us on 01892 576870.