It is interesting to see HMRC push for compliance in this sector, but it may be the threat of criminal prosecution will be the bigger deterrent.
Estate agents have been hit with unannounced inspections as part of a week-long crackdown on money laundering in the property industry, HM Revenue and Customs (HMRC) has revealed. HMRC officers visited 50 estate agents across England after they were suspected of trading without being registered as required under money laundering regulations. The visits came as HMRC published the latest businesses hit with fines for failing to comply with the regulations. This includes estate agent Countrywide Estate Agents receiving a £215,000 fine. HMRC will now take action against the visited businesses who have failed to comply, which can include fines, publication and criminal proceedings