Suspected money launderers could have their money and properties seized if they cannot prove that their wealth is legitimate.
Home Secretary Theresa May is to consult on new ‘unexplained wealth’ orders, which would give extra responsibilities to estate agents and lawyers.
Mark Hayward, managing director of the NAEA, said: “We welcome the aggressive powers that the Home Office have proposed to tackle money laundering in the UK.
“The entry of corrupt money in the UK has a very real impact not just on the property market but also on the wider community when properties are left empty for long periods.
“Changing the Suspicious Activity reports system and the creation of unexplained wealth orders will put more of an onus on all professionals such as estate agents, bankers and lawyers to know whether someone’s wealth is genuine.
“And importantly, if someone is unable to explain the source of their wealth they could be at risk of forfeiture.
“This is a good thing and we will work alongside other stakeholders such as the National Crime Agency to make it as effective as it can be.”
Both the NAEA and RICS have been conducting their own investigations since last July, when the ‘From Russia With Cash’ C4 programme allegedly showed agents assisting a clearly dodgy buyer – in fact an actor – with his purchase.
is there any chance of having some of the NCA budget to help this?
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Why should estate agents have to take this responsibility? Its down to the Solicitors/Conveyancers & Banks to carry out their thorough AML checks.
If the estate agents have to be another check and responsible we would need all evidence of funds, from years ago, share certs, dividend payouts etc and evidence that on face value the available funds could have accumulated over the time. Agents would have to employ a specialist Money Laundering officer who would be solely responsible for carrying out all these checks and doing the maths.
Get real Mrs May.
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