Latest News

Why agents are using virtual tours in the UK’s current climate

28 September 2020

Made Snappy, a Propertymark Industry Supplier, discuss the benefits of agents using virtual tours and how agents can be more efficient whilst saving money and winning instructions in a challenging climate. Read More...

New Job Support Scheme announced by the Chancellor

24 September 2020

In a speech in the House of Commons today, 24 September, Rt Hon Rishi Sunak MP, outlined the UK Government’s next stage of the economic plan to protect jobs over the winter period with the announcement of a new Job Support Scheme. Read More...

Fifth Money Laundering Directive update

Monday 23 December 2019

The Statutory Instrument implementing the new anti-money laundering rules was laid in Parliament on Friday 20 December 2019. This confirms that the Fifth Money Laundering Directive will come into force in the UK on 10 January 2020.

The Fifth Money Laundering Directive will be implemented through amendments to the Money Laundering etc. Regulations 2017. The new businesses covered by the legislation are letting agents, art market participants (including operators of freeports), and providers of exchange or storage services for 'crypto-assets'.

The Money Laundering and Terrorist Financing (Amendments) Regulations 2019

Propertymark is still awaiting guidance from HMRC on the new rules but key aspects of the legislation for valuers and auctioneers include:

  • Inclusion of 'art market participant' such as a firm or sole practitioner who trades or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more.
  • An art market participant must also apply customer due diligence measures in relation to any trade in a work of art when the firm or sole practitioner carries out or acts in respect of, any such transaction, or series of linked transactions, whose value amounts to 10,000 Euros or more.
  • Enhanced due diligence measures must include: obtaining additional information on the customer and on the customer’s beneficial owner; additional information on the intended nature of the business relationship; information on the source of funds and source of wealth of the customer and of the customer’s beneficial owner; obtaining information on the reasons for the transactions.
  • The territorial extent and application of the Statutory Instrument apply to all the United Kingdom.

The legislation will come into force ‪on 10 January 2020, in line with the transposition deadline.

Propertymark is working to understand the changes and will be providing resources to members in the New Year.