Money launderers target weak agents

The Independent’s Ben Chapman reports on how criminals are targeting university towns to buy property and launder money because local agents are often less alert to laundering risks and the market is relatively stable. Mark Hayward, chief executive of NAEA Propertymark, says thousands of estate agents operate without proper oversight. Analysis of Companies’ House records by Moore Stephens found there were 25,560 estate agent businesses in July last year, yet only 11,318 are registered with HMRC for anti-money laundering purposes.

The Independent, Page: 14

Posted 16/09/2018