NAEA to launch urgent investigation into money laundering allegations

The National Association of Estate Agents has this morning announced it is to carry out its own investigation ahead of tonight’s screening of the Channel 4 documentary From Russia with Cash in which a number of agents allegedly deal with an undercover investigator wanting to launder money.

The NAEA hit out at its own members “thinking they are above the law” and threatened expulsion.

Using the strongest possible words, Mark Hayward, managing director of the NAEA, said: “We do not condone the behaviour of the agents in the documentary From Russia with Cash and it is regretful that a small number of negligent agents tarnish the reputation of the industry as a whole.

“All agents should know that they have a responsibility to report any potential money laundering activities to the National Crime Agency and failure to do so, or to enable such an action, is a criminal act.

“We take a dim view of members thinking they are above the law.

“Our members agree to comply with professional standards and we operate a range of sanctions to any breach of those standards.

“In the case of anti-money laundering, members would face a disciplinary process which could involve expulsion and a fine of up to 5 million euros.

“As a consequence of this documentary we will be carrying out our own investigation and, if needs be, we will not refrain from taking the strongest appropriate action possible.”

Today’s full story on Eye is here

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8 Comments

  1. Robert May

    My submission to the inquiry into PRS outlined this was going on 3 years ago.

    Instead of NAEA   waving a big hollier than thou stick about go and ask former OFT, HMRC and CLG staff why they continue to ignore someone who f designed built and fixed this problem in 2004!

    I will repeat it again. I CAN IDENTIFY EVERY SINGLE PENNY OF EVADED OR LAUNDERED CASH GOING THROUGH ANY AGENT’S BOOKS USING EXISTING LEGISLATION.

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  2. The Outsider

    So you can save the government billions in lost taxes AND you have developed a better search engine than Google?

    One has to wonder what you are doing conversing with us minions on this forum Robert?

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    1. Robert May

      I haven’t developed a search engine! I have built an  search engine interrogator that out performs standard search engines by enabling veracious natural search and by-passes SEO and system search tools. That wasn’t very hard to do and the stuff it churns out proves it works.

      As for identifying the billions of pounds not collected by HMRC I did that back in 2004

      If you are wondering why I post on PIE it has one of the few independantly minded journalist and an audience who are getting a  proper stiffing from their service suppliers. You might consider Estate,& Lettings Agents as minions, I don’t!

      I have taken the trouble to post the correspondence about this on Twitter just in case you think I am making it all up!

       

       

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      1. smile please

        Whats your twitter handle Robert?

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        1. Robert May

          Robert May should find me if not Rummage4_search

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    2. PeeBee

      “One has to wonder what you are doing conversing with us minions on this forum Robert?”

      Erm… how’s about BECAUSE HE CARES ABOUT THE INDUSTRY!

      If that simple answer doesn’t satisfy your curiosity… if, instead, you’re desperately looking for a hidden agenda – just look in the mirror.

      IF you need to use one for something so blatantly obvious, that is…

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  3. smile please

    Look out the NAEA are stepping in! which means ………………. Err nothing they have no powers, worse they can do is expel the agents. Wow big deal.

    As somebody said in an earlier story worse that will happen is a negotiator will lose their job, nothing will be done to the companies.

    Why don’t the companies look at why the negs feel they need to do this? could i be they work in a stressful target environment where result are the be all and end all.

    Disgraceful the companies dont take there share of the blame in these stories.

    If the NAEA are such a well respected bunch, when was the last time they audited a company or took them to task before a tv or newspaper pointed out the obvious to them!

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  4. Woodentop

    Its easier to do it through a web only portal.

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