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Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs) all Estate Agency Businesses and Letting Agency Businesses with properties that have a monthly rent that is the equivalent to 10,000 Euros or more, must produce a risk assessment.
The most recent compliance and registration penalties published by HM Revenue and Customs reveal 144 agents sanctioned between October and December 2023. Most fines were for failing to register at the required time, and the amounts ranged from £1,250 to £52,000. However, the largest fine on the list is for a High Value Dealer ordered to pay £175,701 for multiple failures in carrying out risk assessments, having the correct policies, controls and procedures, appropriate staff training, conducting due diligence, and record keeping.
Trading in ivory from the common hippopotamus, killer whale, narwhal and sperm whale will now be banned under The Ivory Act 2018 (Meaning of “Ivory” and Miscellaneous Amendments) Regulations 2025. The new legislation was originally laid in parliament in May 2023, under the previous UK Government, but implementation has been delayed due to a lack of parliamentary time.
Regulations come into force on 2 December 2024 which will allow local authorities in England to auction off the leases of persistently empty high street shops. The UK Government states that the scheme will breathe life back into town centres and drive local growth and opportunities. Propertymark welcomes the move, but we would like to see more detail on which areas will benefit the most, how the powers will be funded, and how they will be used in practice by councils.