Anti-money laundering laws are to be reviewed, as part of a drive to cut red tape.
Consultations are due to start shortly on proposals to scrap two dozen regulatory offences – including some linked to EU directives.
The Chancellor has said he wants to cut the compliance burden on small companies and strengthen the risk-based approach of the legislation.
The likely result would be to exempt businesses with very low turnovers and minimise the burdens imposed on companies.
However, it is not known if the consultation exercise will include estate agents, for whom it is a legal requirement to sign up to the OFT’s anti-money laundering register.
EAT’s inquiries to the OFT’s anti-money laundering team drew a blank, with official spokesmen unaware of the review.
However, we will report back as soon as we have further information, as this could be a fruitful campaign.
Comments
9/11 and the scum with back packs in London, should be reason enough, they will be back to kill more of us.
we should all do our bit, even if inconvenient- just look at the radicals now open on our streets and not just Luton.
Funds flow from here to train them to murder us.
do I handle clients/buyers/tenants cash - NO
do I handle clients finances - NO
do I deal with lettings - NO
do I arrange mortgages - NO
So pray tell WHY do I need to be concerned or governed by money laundering legislation? It is the solicitors, finance lenders etc that need to be regulated. If someone has a sensible and realistic reason why I and many estate agents like me need to be regulated I would love to hear from you.
'A blank from the money laundering team at the OFT'
That is exactly how I feel about paying the money to them every year. Not sure what they do, but I am sure they are enjoying spending the tax they are now charging us!