Challenges Facing Anti-Money Laundering in the UK

Abstract

Money laundering through property is a common practice. Con artists frequently launder significant sums of cash by purchasing high-value commodities. One industry that regularly sees the transfer of wealth in the millions is real estate. Money laundering has a significant and incalculable societal and economic impact in general and on the real estate industry in particular. Much progress is needed in this area, as evidenced by the recent high-profile cases of real estate money laundering (REML) in a number of nations. The influence of money laundering on the real estate industry is discussed, as well as whether real estate is a safe haven for criminals. Even though the United Kingdom (UK) government and agencies like the National Crime Agency have successfully implemented policies to combat questionable payments in the market, more anti-money-laundering (AML) procedures must be enacted across the board, from regulators to realtors. Similar challenges face the United States (US). The UK can replicate some of the solutions employed in the US, including improved transaction tracking and thorough ownership identification for risk assessment, due diligence, clear positions and responsibilities among estate agents (EAs), and effective management.