From Britain with Cash?

16/07/2015

Echoing the sensational Channel 4 TV show “From Russia with Cash” aired in the UK 8th July, AIPP would like to highlight to all trade members the importance of compliance with AML (Anti Money Laundering) regulations. The Channel 4 TV show secretly filmed 5 London Estate Agents allegedly failing to comply with AML regulations and possibly breaking the law.  How many British buyers of a foreign property are using cash in contravention of AML regulations is unknown, but this industry needs to be alert to the dangers of getting involved in such activity and even (in the UK) estate agent non-compliance with HMRC AML regulations can bring draconian fines. There have been a number of recent unannounced visits by HMRC to UK estate agents to check that agents are AML compliant, as reported by the NAEA. A UK MP has, today (16th July), tabled an Early Day Motion in the House of Commons for the UK Land Registry to look into the matter and prevent further abuses via corporate ownership schemes.

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