On Mar. 4, UK HMRC announced estate agents targeted for ML.
- Unannounced inspections as part of a crackdown on ML in the property industry.
- HMRC officers visited 50 estate agents across England after they were suspected of trading without being registered as required under money laundering regulations.
- Visits coincide with HMRC publishing a list of businesses fined for failing to comply with the regulations, including Countrywide Estate Agents receiving £215,000 fine.
- HMRC will now take action against the visited businesses who have failed to comply with the ML regulations, which can include fines, publication, criminal proceedings.
- Also published guidance/e-learning to educate estate agents on ML responsibilities.