Estate agents who belong to the RICS and follow its anti-money laundering code can be reassured that it does not breach HMRC requirements.
A headline media story on Friday suggested that the RICS code on ‘dirty money’ was in breach.
However, the RICS told EYE that is not the case.
A statement said: “The RICS Anti Money Laundering Professional Statement is a global document, setting a benchmark including mandatory requirements for RICS members and regulated firms to adhere to.
“The global nature of the document allows for regional variations and does not seek to supersede legislation.
“Clearly stating, in the event the document contradicts local legislation, then the local legislation takes precedence and must be followed.
“In the UK case, this would be guidance from HMRC.
“Given the global nature and audience for the statement, reference to specific local legislation is avoided.”