We don’t know their names, we don’t know where they are from, but we do know they have been fined, could that be you?

 

 

Fines are being issued by HMRC for breaches by those governed by the Money Laundering Regulations 2017, including Estate Agency type businesses.

 

Most of the fines issued are not because an agent is assisting a seller or buyer to ‘launder money’ but rather they do not have the policies, procedures and processes in place to spot suspicious behaviour should it occur.

 

What penalties can HMRC issue?

 

Maximum Fine: Unlimited

 

Maximum penalty for serious breaches: up to 14 Years in Prison

 

In 2016/2017 HMRC:

 

Issued £1,143,000.00 in fines

 

Reports only 0.12% of Suspicious Activity Reports were submitted by the Estate Agency sector (766 reports out of a total of 634,000)

 

The National Crime Agency Report 2017/2018 states:

 

“There is a realistic possibility that the scale of money laundering impacting on the UK annually is in the hundreds of billions of pounds”

 

Both Government and HMRC are of the belief based on these figures that the Estate agency sector is not doing all that it could to assist in the prevention of money laundering in the UK

 

Don’t Risk a Heavy Fine, Seek Advice From a Compliant Property Sourcing Coach; Get Compliant and Stay Compliant!

 

 

Some articles commenting on fines for further research to increase the article word count:

 

Property Eye –Article January 2018

https://www.propertyindustryeye.com/hmrc-figures-suggest-estate-agents-arent-really-being-fined-seven-figure-sums-for-anti-money-laundering-failures/

 

Property Eye – Article February 2018-11-01

https://www.propertyindustryeye.com/just-12-of-agents-understand-anti-money-laundering-obligations/?fbclid=IwAR3uOr1pfDx0tnCGqL0HQwhsv2tndzI53EC3pxXodkQiF9G3OdrBzwSFcjg

 

Property Eye – Article April 2018

https://www.propertyindustryeye.com/hmrc-continues-silence-on-how-many-estate-agents-have-been-fined-for-anti-money-laundering-breaches/

 

 

NAEA – Property Mark – Article January 2018-11-01

http://www.naea.co.uk/news/january-2018/agents-hit-with-hefty-fines-for-non-compliance-of-aml.aspx

 

Business Insider UK – Article January 2018

http://uk.businessinsider.com/estate-agents-huge-fines-laundering-2018-1?fbclid=IwAR3PqYaRPo-ZZsqWlVyb1SZYJ6y3ago98MyxFI8LmjA4NF3ehIvyQFz23F4

 

Property Eye – HMRC – Article – July 2018

https://www.propertyindustryeye.com/agents-in-breach-of-aml-will-have-to-pay-the-penalty-plus-a-new-penalty-admin-charge/?fbclid=IwAR0ErYfn3zwkiua7q8skL2Lw8Qk1ldvNbg5BeidlrhT3i0yFgv5zWV_VL6U

 

Property Eye – HMRC – Article – February 2018-11-12

https://www.propertyindustryeye.com/just-12-of-agents-understand-anti-money-laundering-obligations/?fbclid=IwAR2LsUW8AYQolqwotkATuBMH_NC1uRkWoEMJ1Vp5qAa8leNwMN5tgtgWdGo

 

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