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hurlerontheditch

HMRC launches campaign to stop property money laundering

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HM Revenue & Customs has launched the Flag It Up campaign to help the property industry spot signs of money laundering.

HMRC says that it believes hundreds of billions of pounds is entering the UK annually, where profits of illegal activities, known as "dirty money", are being used to buy properties, in a bid to make the money appear legitimate.

To put a stop to this, the government is partnering with estate agents for the first time, advising them on how they can spot signs of money laundering, such as:

  • Clients being evasive or contradictory about their money
  • Clients that have taken steps to hide their identity
  • Clients whose assets are inconsistent with their known legitimate income
  • Clients who withhold information, or present documentations that appear to be falsified
  • Are the funds being sourced from many different bank accounts?

HMRC previously targeted solicitors and accountants with a similar campaign.

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6 hours ago, hurlerontheditch said:

HM Revenue & Customs has launched the Flag It Up campaign to help the property industry spot signs of money laundering.

HMRC says that it believes hundreds of billions of pounds is entering the UK annually, where profits of illegal activities, known as "dirty money", are being used to buy properties, in a bid to make the money appear legitimate.

To put a stop to this, the government is partnering with estate agents for the first time, advising them on how they can spot signs of money laundering, such as:

  • Clients being evasive or contradictory about their money
  • Clients that have taken steps to hide their identity
  • Clients whose assets are inconsistent with their known legitimate income
  • Clients who withhold information, or present documentations that appear to be falsified
  • Are the funds being sourced from many different bank accounts?

HMRC previously targeted solicitors and accountants with a similar campaign.

L O L

HMRC can't even answer a phone at the moment (although they claim improved response times it's so hard to speak to a human, if that indeed they be, that most people just give up. Myself, not least). Even if you get through they rarely know the answer, there's too much complexity.

They aren't given the resources to do this stuff, their managers think that a few announcements will have villains volunteering to come clean. Yeah, right.

A friend, a minor but determined tax evader, once told me that one of their advertising campaigns made him realise they were more desperate than he'd thought, so instead of under declaring he decided not to "exist" at all. He told me one day they'd caught up with him. He put on a good sad face act and then said, "yes, they sent me a refund! Thing is, I never even paid anything". We laughed all the way to the pub. In case you are reading HMRC, he died in 2013, and I have always paid you everything I should have.

I think you'll find that HMRC is four times as big as the IRS, one of the most feared and effective tax enforcers on earth, allegedly.

Btw, absolutely no disrespect to the boys and girls working there, how they put up with that sh1t I do not know, except they are often recruited from areas of high unemployment, so a job to them is like gold.

This disgraceful shambles is the work of various chancellors, mainly one G. Brown. And I guess, the so called management of HMRC.

Property "industry" hah!  No further comment needed.

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7 hours ago, hurlerontheditch said:

government is partnering with estate agents for the first time, advising them on how they can spot signs of money laundering.

Partnering with those who benefit from money laundering to stop money laundering.

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9 hours ago, hurlerontheditch said:

To put a stop to this, the government is partnering with estate agents for the first time, advising them on how they can spot signs of money laundering, such as:

  • Clients being evasive or contradictory about their money
  • Clients that have taken steps to hide their identity
  • Clients whose assets are inconsistent with their known legitimate income
  • Clients who withhold information, or present documentations that appear to be falsified
  • Are the funds being sourced from many different bank accounts?

HMRC previously targeted solicitors and accountants with a similar campaign.

Exactly, I echo the previous comments. Notice how "Bent Estate Agents" are not in that list.

Yeah, what we need is another nice gentle awareness "campaign".

Not cold-hearted ruthless enforcement with real results and cash being collected: just a "campaign".

 

 

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I think I read it somewhere that the foreign money laundered through UK property market could be up to £1 Billion per day. That's £365 Billion a year and about 20% GDP.

If the government really  stops foreign money laundry, we would have a recession worse than the Greeks.

The world is mad.

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On 26/10/2018 at 20:28, Arpeggio said:

Partnering with those who benefit from money laundering to stop money laundering.

Bingo. Agents now have the skills to call out money laundering and charge buyers a new industry fee called a Hush Bung.

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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