Estate agents are urged to take better action and make sure they are fulfilling obligations to anti-money laundering checks, as suspicious home transactions flagged to the National Crime Agency increased by an alarming 66% in the last two years – with nearly a third of all anti-money laundering reports across the entire legal sector related to residential conveyancing.
The SRA launched a new Flag It Up campaign aimed at lawyers earlier this year to make it easier for people to raise any issues they have found easily.
The Land Registry states there were just over 850,000 residential transactions in 2017, which was 14.6% down on 2016 when there were 996,650 residential transactions. This
BBC crime drama McMafia has focused attention on the way organised criminals launder their cash. McMafia’s creator said he made the series as he believes London has become a “centre of laundering filthy lucre” as “unsavoury characters” from around the world buy up property.
If someone is buying expensive property but doesn’t have an obvious source of income, concerns should be raised. Estate agents should identify the risk posed by individuals.
Nimbus Maps can help estate agents get KYC and anti-money laundering checks completed quickly and easily using our Ownership features. For more information ring us today on 0330 088 3513.
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