The Office of Fair Trading (OFT) has implemented a new policy for estate agents that may improve transparency in the sector for people looking to sell or buy their house in the near future.
Under the terms of the organisation's Anti-Money Laundering Interim Penalties legislation, financial penalties will be imposed on credit lenders and estate agents who continue in their supervised activities despite not listing themselves under its money laundering scheme.
The OFT - a non-governmental consumer and competition body which was established by statute in 1973 - will from now on be able to fine such offending organisations by an initial £2,000 followed by an additional £1,000 for every instance of unregistered premises in the future.
According to Mario Tsavellas, director of anti-money laundering at OFT, this new policy is a vital step in the organisation's drive to "reduce the risk of money laundering and terrorist financing in these sectors".
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Posted by Daniel Stevens