Changes to the Anti-Money Laundering regulations mean that UK-based estate agents who assist clients to buy or sell overseas property must now comply with the regime, as from the beginning of this month, and register as soon as possible.
Those that fail to do so may be subject to a fine or face prosecution.
The Office of Fair Trading made the announcement after Sussex agent Mansell McTaggart lost its appeal against a £3,000 fine imposed by the OFT for carrying on estate agency work while unregistered.
The Tribunal which handled the appeal found that the penalty imposed in this case was appropriate.
Mansell McTaggart, which has 15 branches in Sussex, is now registered with the OFT under the AML Regulations.
To date around 7,000 estate agents and 6,000 consumer credit lenders have registered with the OFT under AML regulations.
David Fisher, OFT director of Anti Money Laundering, said: “The changes to the Regulations will help to deter, detect and disrupt financial crime by reducing businesses’ vulnerability to being used for money laundering or the financing of terrorism.
“It is important that businesses comply with the Regulations and register with the OFT. As shown by our action against Mansell McTaggart, where they do not, we will impose penalties.”
The OFT says that UK-based estate agents who assist clients to buy or sell overseas property must comply with the regulations as from October 1, and register by March 31, 2013, or be subject to a fine or face prosecution.
Information on registration (and application forms) is available on the Anti-Money Laundering registration page:
https://tinyurl.com/mr6re7
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