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Taxman and industry regulator to co-operate more closely on estate agents

fIXFLO news story

HMRC and industry regulator the National Trading Standards Estate Agency Team have agreed new ways of co-operation.

The aim is to enhance the flow of information on estate agency businesses and whether they have registered under money laundering regulations and for property redress schemes.

Designed to make it more difficult for non-compliant agents to operate outside the Money Laundering Regulations 2007 and Estate Agency Act 1979, the agreement will enable both parties “to target areas of risk, those who are trading without registering appropriately and those who may not be meeting their obligations”.

We hope it does improve the flow of communications: however, this one seems to have been somewhat tardy.

The new arrangement has apparently been in place since the start of the year, but the Government only issued its press release on February 16.

And there is nothing about it on the NTSEAT website.

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Source:: Taxman and industry regulator to co-operate more closely on estate agents