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Lettings to be hit with anti-money laundering

by ARPM

The Government is making a habit of announcing new intentions for the lettings industry on the same day, with news about anti-money laundering released on the same day it revealed its intention to scrap Section 21 notices.

If you were sidetracked by the eviction announcement, you may well have missed news that a formal consultation has started, during which the Government is considering plans to extend anti-money laundering from property sales to lettings.

The Fifth Money Laundering Directive would include the letting agency sector when it came to high value transactions – where a monthly rent was in excess of 10,000 Euros (around £8,600 per month). It has been revealed that the directive is part of EU legislation set to apply in the UK from 10th January 2020, and may still go ahead even if the Government concludes its Brexit negations and formally quits the EU.

Agents can get involved with the open consultation process by submitting their comments and thoughts directly to the Government here.

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