Money laundering causes problems in many industries and parts of society. somewhere where it is important to be extra vigilant is in the property market. Buying property is attractive to money launderers as it is a good investment and also a good way to get rid of the money that they have earned illegally.
When it comes to identifying a potential money launderer it is really important to know what you are looking for if you work within the property market perhaps as an estate agent or a solicitor for example.
There are many things to look out for to indicate money laundering is going on. If the person is buying the property with cash this could well be a sign of a money launderer. This is because they won’t want to put the money through a bank and will not be able to explain how they acquired it.
If property is being sold for a very overly inflated price or a price which seems incredibly low this is also something that should ring alarm bells.
If you are showing somebody around a property or they have come to you to buy a property and they show a lack of interest and don’t seem to be that bothered about what they’re buying this is also a sign that the property might be being bought with dirty money.
This is why as well as the important checks like this AML identity verification https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ that take place if you notice anything like this that makes you suspicious you should report it to the police so that they can investigate further.
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