HMRC has fined dozens of estate agents more than £500,000 for breaching anti-money laundering requirements.
It named the 68 estate agents who have been fined a total of £519,645 for not complying with rules designed to stop criminals from laundering money from illegal activity.
The fines followed the first prosecution of an estate agent for trading despite not being registered with HMRC, to ensure compliance with money laundering regulations.
Felix Uwuigbe, director of Century House Estates Ltd in London, was sentenced to 120 hours of unpaid community service and banned from acting as an estate agent for two years after he was convicted of trading for three months while unregistered.
Nick Sharp, HMRC’s deputy director of economic crime, said money laundering is not a victimless crime.
“Our regulations are there to protect businesses from those criminals who would prey on their services to wash their dirty money,” he said.
“Serious and organised crime costs the UK billions of pounds every year and our anti-money laundering supervision is a vital tool in combatting that.”
The full list of businesses not complying with money laundering regulations is published on GOV.UK and sees 175 businesses receiving penalties totalling £2,180,708.
The list was previously published in May 2022, which saw 147 businesses, including 41 estate agents, receive penalties totalling almost £800,000.
This latest round of penalties also sees the first business in the arts sector being fined.
HMRC is currently investigating a number of other cases of businesses failing to register whilst trading, which could lead to prison sentences of up to two years and an unlimited fine.
Businesses can check if they need to register for money laundering supervision on GOV.UK. They can register online for supervision on GOV.UK
Anyone can report unregistered businesses to HMRC using the online form on GOV.UK
