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HMRC Property Money Laundering Fines

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  1. Estate agent chain Countrywide has been slapped with a £215,000 money laundering fine by the tax authorities.

    The details are included in a list published today by HMRC of businesses that have not complied with the 2017 money laundering regulations.

    The now-defunct Tepilo online agency was also fined £68,595.

    HMRC also made surprise visits to 50 property firms in a week to crackdown on money laundering in the industry.

    John Glen, Economic Secretary to the Treasury, said: “I have zero tolerance for firms prepared to turn a blind eye to the law."

about time

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Well spotted.  I was unaware the law came into force in June 2017.  Seems like HMRC are getting their act together on property and about time too.  Then there's all those LLs.............juicy pickings no doubt.

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this is not good news

next time you visit an unregulated joe whose called himself an ea and rented a high street shop, he wants to see your financial documents - history.

as usual bad implementation.

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2 minutes ago, ebull said:

this is not good news

next time you visit an unregulated joe whose called himself an ea and rented a high street shop, he wants to see your financial documents - history.

as usual bad implementation.

Agreed.

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7 minutes ago, ebull said:

this is not good news

next time you visit an unregulated joe whose called himself an ea and rented a high street shop, he wants to see your financial documents - history.

as usual bad implementation.

I doubt it is about paying a visit, and more about making a transaction

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3 hours ago, Freki said:

I doubt it is about paying a visit, and more about making a transaction

This is what I didn't get at first when I saw this thread. Transferring large sums which might be laundering is not done by estate agents surely? It's bankers and lawyers. What the agents are being fined for is failure to register I would imagine.

About ten years ago I came across this legislation when I was doing one day's bookkeeping a month for a firm I knew. I had to be a member of an accounting institute, have a recognised supervisor or be supervised by HMRC, paying for the privilege. I jacked the little job in. 

What you have to promise to do is  astonishing in that you have to report suspicious monetary activity to HMRC if you even think it might be laundry. It is insanely subjective and forcing people to spy on each other.

I considered having a confrontation with HMRC in which I ask them how I can be expected to know what is laundering and that the law is nigh impossible to obey as it was so subjective and so any promises I might make would be worthless. And even that they they were blackmailing me for fees or preventing me from having the job.

It stank of Gordon Brown and was utterly disgusting in my view. And anyway was the job of the bankers and lawyers.

Then I thought it wasn't worth being on their radar for the rest of my life. I do have respect for HMRC but not in this area. 

 

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  • 295 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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