Money laundering has been pinpointed as a problem for the UK, with trillions of pounds thought to be sloshing through banks and properties. It has been pinpointed as a target for the government, with economic secretary to the Treasury John Glen saying that “money laundering regulation exists to help protect honest business, so anyone who flaunts the law should know that swift action will be taken.”
However, the perception of how swift and how meaningful that action is, appears to differ from reality.
HMRC has conducted fewer than 55 investigations against estate agents for breaches of the UK’s money laundering regulations in the last six years, according to information gathered by law firm Fieldfisher using freedom of information legislation.
New data shows London’s property boom is a money laundering horror