As one of the organisations who has proactively worked with the Home office from the start of their latest Flag it Up campaign, addressing money laundering in the UK, RICS welcomes the news of the launch of the new multi-agency national economic crime centre.
There is a collective necessity to tackle this problem, and ahead of RICS’ anti-money laundering professional statement in early 2019, we are working with Government to ensure the property market is resilient to illicit finance, and to ensure market confidence in the profession. We look forward to receiving the government’s support on our forthcoming AML professional statement, which we’re producing to ensure global consistency on this important issue.
The new professional statement will work alongside RICS’ current obligations for RICS professionals and regulated firms on anti-money laundering, bribery and corruption.
RICS are also taking part in the #flagitup campaign with the Home Office to raise awareness of the warning signs, as well as encourage best practice in due diligence and reporting suspicious behaviour.
How to #FlagItUp
#FlagItUp is a long running campaign, if any professionals believe property is being used to launder money, then they can alert Government through their website.
Know the signs…
- Clients – are they overly secretive or evasive? Do they refuse to provide all the necessary information and documents? Are there inconsistencies in what they say?
- Funds – is the amount and source of funds unusual? Is the client using multiple bank accounts or foreign accounts without good reason? Are the funds received from or sent to high-risk countries?
- Transactions – are there discrepancies in client transactions? Is the client involved in transactions which do not correspond to their normal professional or business activities? Are the transactions unusual because of their size, nature, frequency, or manner of execution?