Letting agents are being warned to be on their guard against possible money laundering and should report any suspicions promptly.
In particular, they are being asked to be wary about large amounts of rent being paid upfront.
The unprecedented upheaval in the Middle East and North Africa has prompted the alert, which has gone out to all organisations which deal in high-value commodities. They are being urged to be absolutely clear as to who they are doing business with.
Dan Peak, chief executive of reputation management firm World-Check, said organisations risk allowing diverted state assets to enter the UK economy. He warned that it is usually relatives or associates of the deposed leaders who move funds around the world.
He said: “Due diligence is particularly crucial during times of political uncertainty.”
With former Egyptian President Hosni Mubarak having fled the country, observers have questioned where a personal fortune of close to £40bn has been transferred.
The spotlight is now also on Muammer Gaddafi’s fortune and business interests, their whereabouts and their origin. The Treasury has frozen Gaddafi’s assets in Britain, which are known to include funds and commercial property.
An £11m mansion belonging to Gaddafi’s family, which was on the market with Knight Frank, has been withdrawn from sale. It is not known who issued the instruction to take it off the market.
The eight-bedroom home in north London had been on the market for over a month, but within days of the uprising against the dictator, the “for sale” signs were removed.
The detached neo-Georgian property was bought by 38-year-old Saif al-Islam Gaddafi – Colonel Gaddafi’s favourite son – in 2009. It had previously been available to rent for £10,000 a week.
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Comments
james - i am aware of it as LAT or EAT tell us about it every day because they cannot find any other news.
Local agent - this is a very serious issue. But perhaps you are unaware that the OFT has sent round an urgent email to all estate agents telling them to be especially on their guard because of the Middle East unrest. It should be kept in the spotlight. I know letting agents don't have to be on the OFT anti money laundering register, but we all have a duty to watch out for what could easily be blood money coming into this country.
yesterdays news again! even with the same comment by "nick".
go and do some actual journalism!
Most letting agents don't opperate an anti-money laundering scheme and are risking massive fines or imprisonment. It is dead simple to check a person or company instantly from a desk top or lap top. It only costs a fiver. If you want more info phone Amy on 0151 201 2712.
Nick.