Hang the money-launderers out to dry
Clark, A
Hang the money-launderers out to dry - 2001 - Property Week 66(20) 18 May 2001, 88-89(2) .
In the light of a recent Financial Action Task Force (FAFT) report which cites real estate as a money laundering area, the article considers the implications for chartered surveyors. Suggests that residential and commercial property agents who are not regulated by the Financial Services Authority (FSA) are most likely to be at risk. Provides a definition of money laundering, outlines the scope of the Criminal Justice Act 1993 and the Money Laundering Regulations 1993, and points to proposed changes to the EU Money Laundering Directive 1991 aimed at estate agents. Includes measures the property industry can take to reduce the risk of money laundering, such as correctly verifying the identity of individuals, and refers to the development of RICS guidelines.
MONEY LAUNDERING
SURVEYORS
EU DIRECTIVE
COMMERCIAL AGENCY
RESIDENTIAL AGENCY
PROPERTY AGENTS
CRIMINAL JUSTICE ACT 1993
MONEY LAUNDERING REGULATIONS 1993
Hang the money-launderers out to dry - 2001 - Property Week 66(20) 18 May 2001, 88-89(2) .
In the light of a recent Financial Action Task Force (FAFT) report which cites real estate as a money laundering area, the article considers the implications for chartered surveyors. Suggests that residential and commercial property agents who are not regulated by the Financial Services Authority (FSA) are most likely to be at risk. Provides a definition of money laundering, outlines the scope of the Criminal Justice Act 1993 and the Money Laundering Regulations 1993, and points to proposed changes to the EU Money Laundering Directive 1991 aimed at estate agents. Includes measures the property industry can take to reduce the risk of money laundering, such as correctly verifying the identity of individuals, and refers to the development of RICS guidelines.
MONEY LAUNDERING
SURVEYORS
EU DIRECTIVE
COMMERCIAL AGENCY
RESIDENTIAL AGENCY
PROPERTY AGENTS
CRIMINAL JUSTICE ACT 1993
MONEY LAUNDERING REGULATIONS 1993