The NAEA has stated that “take up has been low” in its bid to persuade each of its affiliated estate agents to identify a nominated money laundering reporting officer and deputy.
It meets with HM Revenue and Customs every three months and hosts free masterclasses for members. Despite this, its attempts to have estate agents appoint someone responsible for identifying money laundering appear to have fallen on deaf ears.
Arguably, the estate agents' approach is one of “see no evil”. But this can never be considered a reliable approach – as any future prosecutions may prove.