OFT decision on money laundering upheld

OFT decision on money laundering upheld

Mansell McTaggart Limited was fined £3000 for carrying out estate agency work whilst unregistered.

Changes to Anti-Money Laundering Regulations, which came into place on the 1st October 2012, mean UK-based estate agents who are involved in helping buy or sell property overseas must register.

The firm had appealed the OFT decision but a tribunal has ruled the penalty was appropriate.

Mansell McTaggart Limited is now registered with the OFT under the AML Regulations.

Any breach of the regulations can lead to a fine or prosecution. So far around 7,000 estate agents and 6,000 consumer credit lenders have registered with the OFT under AML regulations.

David Fisher, OFT Director of Anti Money Laundering, said: “The changes to the Regulations will help to deter, detect and disrupt financial crime by reducing businesses’ vulnerability to being used for money laundering or the financing of terrorism.

“It is important that businesses comply with the Regulations and register with the OFT. As shown by our action against Mansell McTaggart Limited, where they do not, we will impose penalties.”

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