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Estate agents targeted in money laundering offensive

04 March 2019
Issue: 4686 / Categories: News

Estate agents have been hit with unannounced inspections as part of a week-long crackdown on money laundering in the property industry HMRC has revealed.

Officers visited 50 estate agents across England after they were suspected of trading without being registered as required under anti-money laundering regulations. The department will now act against businesses that have failed to comply. This can include fines publication and criminal proceedings.

The visits came as HMRC published the latest businesses hit with fines for operating illegally. 

Simon York director of HMRC’s fraud investigation service said: ‘Estate agents need to understand that criminals prey on weaknesses so it is vital they take all steps to protect themselves. The money laundering regulations are key to that but there is still a minority of agents who ignore their legal obligations. These inspections are a wake-up call that if you continue to trade illegally we will...

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