Inspectors quiz estate agents over money laundering

ESTATE AGENTS have been hit with unannounced inspections as part of a crackdown on money laundering in the property industry, HM Revenue and Customs (HMRC) has revealed.

Officers visited 50 estate agents across England, including one in Wakefield, after they were suspected of trading without being registered as required under money laundering regulations.

HMRC will now take action against the businesses who have failed to comply with fines and criminal proceedings.

John Glen, the Economic Secretary to the Treasury, said: “The vast majority of estate agents play by the rules and help us to crack down on dirty money.

“But I have zero tolerance for firms prepared to turn a blind eye to the law.

“Money laundering regulation exists to help protect honest business, so anyone who flouts the law should know that swift action will be taken.”

It was the first such week of action involving intelligenceled, co-ordinated activity aimed at estate agents trading without registering with HMRC as legally required. The visits involved inspectors questioning the businesses to establish whether they were trading in breach of the regulations.

Simon York, the director of HMRC’s Fraud Investigation Service, said: “These inspections are a wake-up call that if you continue to trade illegally we will come knocking.”