FAQs: Economic Crime and Corporate Transparency Act 2023

The property market remains an attractive target for money laundering because of the value of property assets and the ability to hide ownership through companies, trusts, and overseas structures. An estimated £6.7 billion of UK property was bought with wealth suspected to have come from questionable sources between 2016 and 2022 — yet the National Crime Agency (NCA) reports that the volume of SARs from the property sector remains low.

Landlords and letting agents in Northern Ireland could soon face new requirements to strengthen the Scheme as an enforcement tool; however, the success will depend on clear implementation. Also, agents need certainty about their role, landlords need a straightforward process, and both require confidence that data will be used responsibly.

Local housing authorities in England have gained new investigatory powers under the Renters’ Rights Act 2025, including the ability to enter rental sector business premises as part of enforcement activity. Officers can request and seize documents, but their powers are not unlimited. Agents should know what officers can lawfully ask for, what notice should be given in routine cases, and what protections apply to legally confidential material.

A recent Upper Tribunal decision has underlined the importance of clear management agreements, robust oversight, and accurate licensing checks for landlords and property managers involved with Houses in Multiple Occupation (HMOs) after a landlord was cleared of responsibility for more than £20,000 in fines relating to an unlicensed rental property.