Plans have been announced to introduce a new levy in order to raise £100 million per year from the anti-money laundering regulated sector to help fund reforms outlined in the 2019 Economic Crime Plan.
Estate agents, letting agents and auctioneers were among those called upon to help improve the overall effectiveness of the UK’s anti-money laundering (AML) regulatory and supervisory regime.
The new strategy announced by the Scottish Government requires over a million homes and the equivalent of 50,000 non-domestic buildings to convert to zero emissions by 2030.
Propertymark has long supported proposals for a system that highlights ownership and control of overseas companies and other legal entities as well as ones within the UK.
Propertymark is working with Etive and other industry stakeholders on a project to develop a digital identity trust scheme for the home buying and selling sector.
HMRC, as per its duty as a supervisor of Money Laundering Regulations (MLRs), has published a detailed list of businesses which have failed to comply with anti-money laundering rules between 2020 and 2021.
Estate agents, letting agents and auctioneers are among those being called upon to help improve the overall effectiveness of the UK’s anti-money laundering (AML) regulatory and supervisory regime.
Art market participants (AMPs) are currently assessed as high risk for money laundering, and to assist with identifying the risks, the UK Government has issued risk assessment information covering key areas for carrying out supervised business activities.
HMRC has published a self-assessment of its money laundering supervisory performance, which is broadly in line with the relevant Money Laundering Regulations and OPBAS sourcebook, however stating there was room for improvement.
The National Risk Assessment of Money Laundering and Terrorist Financing 2020 report was published yesterday, 17 December, increasing estate agents from low to medium risk as well as introducing letting agents as medium risk.
We welcome improved Joint Money Laundering Steering Group (JMLSG) guidance on Pooled Client Accounts (PCAs) following our response to their review and sustained engagement with HM Treasury and UK Finance to make it easier for letting agents to meet their legal obligations.
The Intelligence and Security Committee of Parliament issued their report on 21 July on Russia, highlighting the problems estate agents are faced with in combatting financial crime activity in property markets.
The future of Anti-Money Laundering (AML) enforcement has yet to be decided in the UK-EU talks and agents should ensure their current processes are up to date to be ready for any changes to AML laws as a result of Brexit.
We responded to the JMLSG proposed draft guidance on Pooled Client Accounts outlining that the banks' expectations of letting agents do not coincide with the legal requirements for Anti-Money Laundering (AML) and Client Money Protection (CMP) regulations.
Registration for UK letting agencies is now open with Her Majesty’s Revenue & Customs (HMRC) who are the supervisory body for the property sector.
Businesses whose annual fees for money laundering supervision are due between 1 May and 30 September 2020 may apply to HMRC for a six-month break or deregister if they have ceased trading due to Coronavirus.