The law on money laundering in the UK

The UK continues to strengthen control over the movement of funds through the banks of the state, special attention is paid to the question of the laundering of proceeds of crime.

Tax office of her Majesty the Queen of great Britain has launched a new guide for real estate agencies in the UK for the observance of the legislation on the observance of measures to counter money laundering.

The guide, created specifically for real estate agencies, explains how to comply with all requirements of the new rules governing this area. Previously, the surveillance agencies of the UK property in this part was carried out by the so-called Office for Fair Competition – Office of Fair Trading (OFT). Now, from 1 April 2014, the Supervisory function of overseeing the observance of the acts of her Majesty the Queen of great Britain, to control the movement of funds in real estate agencies will implement the Ministry of Taxes and duties. Already registered real estate Agency will be automatically transferred to the Tax Department. The same Agency that will be registered will be transferred automatically to HMRC (Her Majesty’s Department for Taxes and Duties).

All enterprises, which extends to “Law laundering”, should apply a number of measures aimed at inadmissibility of the use of funds obtained by criminal way, and to prevent the use of funds for the financing of terrorism in any form. The guide will help real estate agencies to understand when the Law on money laundering relates to their rights and responsibilities, to understand what duties they have and the time to perform all the necessary actions. According to paragraph 1, “Estate Agents Act 1979” all agencies carrying out functions of real estate are obliged to register as the Supervisory authority for money laundering. This applies to all agencies involved in both residential and commercial premises, providing assistance as when buying and when renting a property. The annual fee for registration is £ 110. If the Agency does not carry out its functions, it may not register, but if the Agency is caught with the exercise of their functions without registering it may be fined.

® Alice Morgan 14.04.2014

Minster House

Apartment class “Lux” in West London

Real estate investment in London. Dickens Yard

Beaufort Park

Battersea Reach

Parkside Quarter

Canning Town