anti-money laundering legislation

Anti-money laundering rule change needed to help London agents

Central London based Sandfords has accused the Government and HMRC of a lack of understanding about the way in which the London housing market works and has called for a major overhaul in existing anti-money laundering legislation to help support London agents in their everyday business. Andrew Ellinas (left), Director at Sandfords, is urging the National Association of Estate Agents (NAEA) to lobby the Government to change the rules on sub-agent due diligence, thereby making it easier for agents in London to “carry out their daily working routine”. HMRC took over supervision of the estate agency business last year and has since published guidance on how to stay on the right side of money laundering regulations. But Ellinas believes that the existing rules work against agents in London and therefore need amending. He said, “The current legislation doesn’t allow for agents in London to carry out their daily working routine and the NAEA need to speak up and apply pressure on the Government before agents are heavily penalised for simply doing their job.” The Director of Sandfords insists that agents understand what is required of them, but says that there is an issue when it comes to sub-agent due diligence,…