RICS: you’re under a legal obligation to ‘Flag it up’

RICS has published a global professional statement: “Countering bribery and corruption, money laundering and terrorist financing” to tackle problems within the property industry.

Nigel Sellars, Associate Director, International Standards at RICS, said, “While principles in this area were covered by RICS conduct and ethics, this statement and its regulation will be specific on certain points. The property sector is vulnerable to this activity and the statement will manage the risk, increasing market confidence in the profession.”

Professionals are a crucial line of defence against criminals who seek to launder dirty money in the UK.

It will set out the obligations for RICS professionals and regulated firms to minimise their exposure to anti-money laundering, bribery and corruption risks, including how to guard against these financial crimes in their day-to-day business operations.

RICS has been working with groups including Transparency International and Financial Action Task Force (FATF) and the Government to support the Flag It Up anti-money laundering campaign.

Ben Wallace, Minister for National Security and Economic Crime, said, “Property professionals are a crucial line of defence against criminals who seek to launder their dirty cash in the UK before reinvesting it in serious and organised crime. Their crimes have no boundaries and can range from drug importation to human trafficking and terrorism.

“That’s why those in the industry are under a legal – and moral – obligation to flag it up when they spot something suspicious.”