UK: Anti-money laundering expert calls for developers’ loophole to be closed


August 15 2019

A company that runs an anti-money laundering verification platform has called for all property sales to be brought under the law. EYE exclusively revealed on Monday a loophole by which developers selling their own new homes do not have to be registered for anti-money laundering purposes.

Estate agents selling those same properties must be registered by law with the supervisor HMRC. Developers are however regarded as peer to peer or private sellers, and do not have to check the identity of the buyer for AML purposes.