The Council for Estate Agencies is investigating property agents who might have facilitated property transactions relating to the recent money laundering case that involved about $1 billion in assets.
The properties are owned by individuals under investigation. Some of the properties were owned by the spouses or companies linked to the suspects. "Agents are required to identify and verify the identity of their clients, as well as assess the risk of their clients being involved in money laundering activities," said the spokesman.
Property agencies must also implement internal policies, procedures and controls to prevent money laundering or financing of terrorism activities, CEA said. CEA has circulated a list of "suspicious indicators" to assist property agencies and property agents in conducting their due diligence checks.
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