Estate agents and letting agents are being warned to be on their guard against possible money laundering and should report any suspicions promptly.
The unprecedented upheaval in the Middle East and North Africa has prompted the alert, which has gone out to all organisations which deal in high-value commodities. They are being urged to be absolutely clear as to who they are doing business with.
Dan Peak, chief executive of reputation management firm World-Check, said organisations risk allowing diverted state assets to enter the UK economy. He warned that it is usually relatives or associates of the deposed leaders who move funds around the world.
He said: “Due diligence is particularly crucial during times of political uncertainty.”
With former Egyptian President Hosni Mubarak having fled the country, observers have questioned where a personal fortune of close to £40bn has been transferred.
The spotlight is now also on Muammer Gaddafi’s fortune and business interests, their whereabouts and their origin. The Treasury today nnounced it has frozen all Gaddafi’s assets in Britain, which are known to include funds and property, worth around £1bn.
An £11m mansion belonging to Gaddafi’s family, which was on the market with Knight Frank, had already been withdrawn from sale last week. It is not known who issued the instruction to take it off the market.
The eight-bedroom home in north London had been on the market for over a month, but within days of the uprising against the dictator, the “for sale” signs were removed.
The detached neo-Georgian property was bought by 38-year-old Saif al-Islam Gaddafi – Colonel Gaddafi’s favourite son – in 2009. It had previously been available to rent for £10,000 a week and then for sale at £10.9m.
Comments
Money Laundering?? Does this apply to letting agents who take 6-12 months rent in advance and don't tell landlords? What should they do, keep taking, keep quiet and do the odd check, just in case??
What about Gaddafi Kebabs in Chelsea, will he get 50% of that, there a real leader.
Gaddafi has said Cameron can have half of any assets they have in London, on the basis they don't have any! anyone got a line to No10?
Nick - you seem very Pali !!!
This should be up to the solicitor to do not the agent
We take money laundering very seriously. I am not certain that the Government does. We pay money to register sales agents who never see any cash, yet lettings agents who regularly accept £1000's are exempt from registering as the are not Estate agents as defined in the 1979 Estate Agents Act and the Government wont amend this despite pleas from TPO. We are agents - not a vicarious police force. Mr Shapps has refused to bring in regulation yet expects us to police an issue which we are not really qualified so to do. We have always had an obligation to be aware of money laundering issues, yet the registration process seems just a revenue raising exercise.
"Estate agents and letting agents are being warned to be on their guard against possible money laundering and should report any suspicions promptly."
No worries then. I am pretty sure that these cash-rich Middle Easterners will all be reading the Press, Henry Prior, and HPC blogs before doing anything. They want to LAUNDER the money - not LOSE 6000% of it like those lot are all claiming will happen...
The (British) world has gone mad indeed!
We obviously do the necessary checks but we are Letting Agents and/or Estate Agents - not 'Spooks'.
@ Nick,
A fiver? are you having a laugh?
Save the £5 on all instructions and just do extra checks on vendors with the surname 'Gaddafi'.
The worlds gone mad.
Ant-money laundering checks have been a requirement for estate agents and solicitors for a while now and are not a problem. They can be instantly performed from a desk or laptop computer for a fiver. Just phone Amy on 0151 201 2712 for details.