HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

HM Revenue & Customs has fined property firms more than £1 million for not complying with anti-money laundering laws.

More than £1 million has been fined to property firms by HM Revenue & Customs (HMRC) for non-compliance with anti-money laundering (AML). Fines were imposed on those who committed offences during the second half of last year. HMRC reports that several businesses failed to comply with the regulations governing money laundering, which are intended to prevent criminals from exploiting illegal funds.

The total fines were £3.2 million, with more than £1 million being issued to property businesses. The most common issue is that registration was not applied in a timely manner. Among them are the Tunbridge Wells-based RW Invest, fined £44,210 and the Coventry-based 1st Lettings Property Services, which was fined £14,850, because it failed to register in time. The following firms have also been fined under AML regulations:

• Island Homes Kent ‒ fined £14,500
• Clicklettings ‒ fined £14,500
• Lettings Angels ‒ fined £14,500
• Natalie Clarke Residential ‒ fined £14,500
• Property Management (London) ‒ fined £14,500
• Karwood Properties ‒ fined £14,500
• Nolan Redshaw ‒ fined £14,039
• Lighthouse Estate Agents ‒ fined £14,500
• Rent Assured Property Services ‒ fined £13,729
• Spencer Jakeman Property Management ‒ fined £14,500
• Tooting Estate Agents ‒ fined £14,500
• Mark Simon Estates ‒ fined £13,523
• Doyle Sales and Lettings ‒ fined £14,365
• Knights MK ‒ fined £13,261
• Elite Sales and Lettings ‒ fined £14,500
• Oliver and Akers ‒ fined £14,500
• Viking Estate Agents ‒ fined £13,800
• Harrisons Lettings & Management ‒ fined £14,000
• Alex Harvey Estate Agents ‒ fined £13,700

Nick Sharp, HMRC’s director of economic crime, warned that money laundering isn’t a “victimless crime”. He continued: “We are here to help businesses protect themselves from criminal attacks and will continue to tackle the minority of businesses which do not comply with the money laundering regulations. Serious and organised crime costs the UK billions of pounds annually, and our anti-money laundering supervision is a vital tool in combating that.”

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