FAQs: Economic Crime and Corporate Transparency Act 2023

Propertymark has highlighted the challenges property agents face when identifying the hidden influence of Designated Persons in transactions. The Office for Financial Sanctions Implementation (OFSI) is examining how the rules are applied in practice, and we’ve been clear that whilst agents are committed to preventing financial crime, the current expectations are often difficult to meet.

Propertymark welcomes the announcement of millions of pounds in additional financial support to help councils identify non-compliant landlords, improve housing standards, and ensure tenants are protected under the new legislative framework. It is vital that this funding is sustained and used strategically to build long-term capacity, not just for short-term fixes.

The UK Government has published draft regulations introducing a new disclosure regime for land agreements that give control over development without transferring ownership. The rules, which will apply in England and Wales, stem from the Levelling-up and Regeneration Act 2023 and are expected to come into force on 6 April 2027.

Our response to the Sentencing Council’s consultation on proposed new guidelines was informed by survey responses from members, supporting a more structured, practical and consistent framework for enforcement across the private rented sector, with enough flexibility built in to address different levels of offending.