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Written by rosalind renshaw

Thousands of estate agents are trading illegally after failing to sign the OFT’s anti-money laundering register.

They are being told that they are risking unlimited fines and jail, although a three-month consultation on how the anti-money laundering regimes is policed and what the penalties should be is still ongoing.

By the start of this month, just 5,684 applications for registration under the anti-money laundering regime had been received from estate agents, out of an estimated marketplace of 9,600.

It is not thought that the figures will show much of an uplift when recalculated to include this month’s joiners.

A spokesman for the OFT said the low response was very disappointing.

He said: “Carrying out estate agency work without being registered after the initial registration period closed on January 31 is a criminal offence.

“It is punishable on conviction by an unlimited fine and/or two years in prison and can result in the OFT imposing an unlimited civil penalty on any business found to be doing so.

“The OFT wants to give businesses every opportunity to comply with the law and therefore does not intend to commence prosecution or action leading to civil penalties straight away against businesses that have not yet made registration applications.

“However, the OFT will be implementing a programme of enforcement to deal with unregistered estate agents in the near future, and therefore any businesses conducting estate agency work who are not registered should take immediate steps to do so to avoid such action.”

The OFT’s Anti-Money Laundering registration team is on 020 7211 8200 or at amld3@oft.gsi.gov.uk

Comments

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    Stop moaning, there's £trillions in deficit for civil service pension funds, its up to us working scum to pay the 25% of the UK population who are paid to turn up by the taxpayer. A further 45% of the population are too young/old to work and 25% on benefits. So, there's just 5% of us scum to pay for the rest, its an honour to be so needed, pay & smile. Then bend over.

    • 06 April 2010 14:09 PM
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    Pots - welcome to the magic that is the UK. But behind this is a cunning plan - lock up all the Estate Agents & the naughty money launderers won't have anywhere to launder their money. Simples... ;0)

    • 01 April 2010 14:51 PM
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    well agree with or not Ive paid so i hope with two years in jail there will be more to go around for the law abiding agent! No doubt whilst they visit they will check all the other PMA HIP & EPCS regs at the same time!

    • 01 April 2010 13:59 PM
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    TWO YEARS IN JAIL???!!!!! You dont get that for money laundering!!!!!!!!!!!!

    • 01 April 2010 13:29 PM
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    Ditto. Paid up. Heard nothing. They could at the very least give us a pretty little certificate that no-one will look at to gather dust on our walls..
    We have never been a victim of money laundering as an estate agent, but actually have as letting agent (a few years back)... not that I want that part of my business screwed over any more by the muppets that profess to run this country...

    • 01 April 2010 11:02 AM
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    Totally agree with kevhand . Had my own business for two decades but this was the final straw .

    • 01 April 2010 09:08 AM
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    I do not accept money from buyers, I accept commissions from conveyancing lawyers whose job it is to ensure they are who they say they are. The lawyers do all the compliance so why should I have to pay the OFT to do something someone else is already getting paid to do!

    • 31 March 2010 23:24 PM
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    We have also paid, and heard absoloutley nothing!! they say it takes up to 48 days to process.....however they cashed our cheque fast enough!!!

    • 31 March 2010 18:03 PM
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    Criminals only launder money thro' selling and not thro' letting according to the OFT . Shame there is not an organisation to represent estate agents and stand up for our rights . Can I have a cell next to an MP please

    • 31 March 2010 17:09 PM
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    well just do it, the lawyers are preventing buyers from ML so you must work for the OFT, this as usual is instigated by some mindless pen pusher in whitehall who has no real job

    • 31 March 2010 15:26 PM
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    Thats right, more needless regulation for estate agents at our own cost. Ok, if the goverment want to tackle terrorism etc, do it at their own expense, not ours. We have always obtained proof of ID, but now we have to pay someone to prove we are doing it? ridiculous. The legal profession already are required to do this as part of the transaction so why us as well? - I wonder if the Private Sale clients will be asked to complete ML forms for the purchaser ????? come off it,

    • 31 March 2010 14:48 PM
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    I registered but I really can't see the point. Maybe would feel more sympathetic re "fair trading" if trading standards actually did something when I report the opposition for putting up sold boards when this is not the case. Apparently I have no right to know the outcome of their investigations blah. Yes I know OFT and Trading Standards are different beasts but one situation seems far more important to me than the other and everything feels like a one way street.

    • 31 March 2010 14:34 PM
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    Just do it - Come on - do you really think that the Government or any sane individual is going to put the security of a nation in the hands of Estate Agents? That horse bolted. End of story. This whole MLR farce is putting braces on top of a belt, and expecting it to be funded by those who bought the belt in the first place. As has been already pointed out, at least one other source is already tasked with establishing identities of prospective buyers of property - so what benefit is there in press-ganging another body to act as secret police? It's not terrorism money the government are bothered about anyway - it's dope, hookey fags and DVDs which cost them £billions in lost tax...

    • 31 March 2010 14:10 PM
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    Guys this is pitiful! Stop moaning, if the industry was better run none of the regs etc would be necessary would it!? Please also remember the ML regs were escalated anyway, to attack the scum that attack us post 9/11

    • 31 March 2010 13:18 PM
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    So a spokesman for the OFT is "disappointed" by the low response rate! Probably because there is not yet enough in the slush fund to have earned him his performance-related bonus. I almost regret having signed up to the scheme now. There will be some terrific parties in clink when all these evil felons get banged up. And no, I have received nothing yet in return for my hard-earned cash. Perhaps one day the benefits of membership will become apparent.....not holding my breath though!

    • 31 March 2010 12:58 PM
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    We signed up and got an e-mail thanking us for registering. That was it. And Nick, vote Labour? Are you mental?!!

    • 31 March 2010 12:09 PM
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    Is it really worth being in this business any more?
    Or even being in this country.
    Lets hand everything over to the Government and join the Civil Service!

    • 31 March 2010 12:03 PM
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    We have paid and registered and have received nothing. A total sham.

    • 31 March 2010 12:03 PM
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    Make it easy for unregulated private sellers and grocers to offer property for sale in order to increase competition and drive down commission rates while, at the same time,keep increasing the red tape, regulations and licensing fees for professional estate agents. Not exactly fair is it?? At least in prison you get 3 square meals a day, unlimited tv, free gym membership and a warm bed for the night. Sounds like a good option at the moment!!

    • 31 March 2010 12:01 PM
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    Vote Labour to get rid of all this stupid regulation.
    Nick.

    • 31 March 2010 11:48 AM
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    Maybe the OFT should get the private sales sites in order that are not regulated who provide For Sale boards to private sellers. Budget private sales sites are often not members of the OEA or SOS, yet they drive real agents fees down. OFT money laundering regulation already existed. In the interest of agency and buyers get current law in order and pursue unregulated redress agents before chasing the good guys. Too much wrongful regulation is a waste of everybodies time and funds. Bl**dy stupid

    • 31 March 2010 11:30 AM
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    They must be selling goldfish to teenagers:

    www.dailymail.co.uk/news/article-1262250/Pet-shop-owner-sold-goldfish-boy-fined-given-electronic-tag.html

    How did come to this?

    • 31 March 2010 10:46 AM
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    I agree with Trevor. Solicitors do this anyway so what is the need to do it twice. Its a JOKE!

    • 31 March 2010 10:44 AM
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    I know for a fact that I have received no information on this directl from the OFT. The only way I have been made aware of the obligation is via this site and trade press. Its bad enough for the OFT to throw out some further ridiculous and clearly unenforceable legislation, but at the very least they could let us know our oblgations! I will now not register on principal and wait for them to turn up with the handcuffs! As if!

    • 31 March 2010 10:34 AM
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    Yes, continue to let the murderers out early to make room to jail estate agents who fail to pay £200 for yet another ridiculous licence. Why can't the solicitors do the property seller's money laundering checks anyway - or are they all in clink already for proper crimes?

    • 31 March 2010 10:31 AM
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    Perhaps we're tired of endless bureaucracy and form filling which give little benefit

    • 31 March 2010 10:23 AM
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