As of 15 December 2007 the Money Laundering Regulations came into force across the UK. The purpose of the Regulations is to detect, deter and disrupt financial crime and terrorist financing by reducing the possibility of legitimate businesses being used for money laundering.
These Regulations require certain types of business to register with the Anti-Laundering Register. Currently this affects those Relocation Companies, partnerships or sole traders who assist individuals (private clients or company employees) to purchase property. This is because property finding is classified as ‘Estate Agency Work’ under the 1979 Estate Agents Act.
It is very likely that all Relocation organisations will have to register when the Regulations are extended to cover Letting Agents and any professionals providing assistance to individuals or corporate employees in the rental of property.
On the 31st March 2014 The Office of Fair Trading (OFT) closed as its administration now goes to HMRC - see link below
For further information please click here - for HMRC website
The ARP has worked in conjunction with NFOPP, RICS and ARMA to prepare guidance notes for members. For further information click here
The cost of registration is £110 per premises per annum which is capped at 20 premises.
For the full Guidelines on Money Laundering, prepared in conjunction with the NFOPP, RICS and ARMA click here