The RICS is stepping up its stance on anti-money laundering with a new statement promising specific world-wide regulation.

The professional statement was released yesterday morning, and a new reporting regime will be mandatory across all RICS members and firms on a global basis from September 1.

Any suspicions will have to be flagged up.

The statement contents will set out the obligations for RICS professionals and regulated firms in order to minimise their exposure to anti-money laundering, bribery and corruption risks, including how to guard against these financial crimes in their day-to-day business operations.

The statement will also provide a clear description of how to manage the risks, and it sets out professional and ethical behaviour, providing practitioners and firms with clear and consistent principles on what constitutes a breach of conduct.

Nigel Sellars of the RICS said: “While principles in this area were covered by RICS conduct and ethics, this professional statement and its regulation will be specific on certain points.

“The property sector is vulnerable to this sort of activity, and the statement will manage the risk, increasing market confidence in the profession.”

Ben Wallace, minister for national security and economic crime, said: “Property professionals are a crucial line of defence against criminals who seek to launder their dirty cash in the UK before reinvesting it in serious and organised crime.

“Their crimes have no boundaries and can range from drug importation to human trafficking and terrorism.

“That’s why those in the industry are under a legal – and moral – obligation to flag it up when they spot something suspicious.

“I’m very grateful for the publication of this professional statement to further promote best practice.”