Money laundering help
At a time when Police numbers have been cut, crime is on the up and no one seems to have the answer to tackle the UK's knife crime epidemic, it has been revealed that Estate Agents are helping the authorities tackle potential corruption and the financing of terrorists.
They have alerted the authorities in 1,345 occassions over the last two years alone highlighting that property is still a hot spot for hiding dirty cash.
The Money Laundering, Terrorist Financing and Transfer of Funds Regulations came into force in June 2017, meaning businesses like Estate Agents have to make sure they know who their clients are, and where their money comes on (including offshore accounts or Shell Company's that hold property assets).
Estate Agents instigated 635 enquiries into potential fraud during 2019, down from 2018, when the number of matters referred equated to 710. By contrast banks filed a whopping 383,733 cases in 2019.
Estate Agents that flag up suspicious activity are not allowed under the current legislation to inform their clients they have done so. This has led to transactions falling through. One notable transaction that failed involved a property worth £100million. It collapsed in 2018 because the lender was uncertain about the buyer's funds.
The National Crime Agency received 478,437 reports in 2018/19.
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E&K Solicitors
Rusholme
0161 256 3915
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Rusholme Solicitors
From our offices in Rusholme, our experienced solicitors can assist with the following areas of law;
Conveyancing, crime, licensing advice, motoring offences, personal injury claims, probate, Wills, and more.
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Contact
45 Wilmslow Road,
Rusholme,
Manchester,
M14 5TB
0161 256 3915
Rusholme,
Manchester,
M14 5TB
0161 256 3915