PROPERTY DEALS ACCOUNT FOR ONE-THIRD OF ALL UK MONEY LAUNDERING ALERTS

On 13th February, Estate Agent Today reported that almost a third of all SAR concerning possible AML infringements and reported to the NCA have involved property deals.  32% of all SAR ‘red flag alerts’ for the years 2014/15, 2015/16 and 2016/17 have involved residential conveyancing.  This is far larger than any other industry; by comparison, just 4% of the red flag alerts in the same period involved commercial conveyancing.

https://www.estateagenttoday.co.uk/breaking-news/2018/2/conveyancing-triggers-one-third-of-alerts-over-money-laundering-problems?source=newsticker

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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