Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to tackle vulnerabilities in property transactions, particularly in the handling and movement of large sums during settlement, in the Economic Crime Plan.

The government’s Economic Crime Plan 2 has strengthened the UK’s defences against property‑related money laundering by enhancing transparency of land and overseas property ownership, improving data‑sharing and enforcement, and targeting higher‑risk activity in the property sector to better detect, disrupt and recover illicit assets.

The government’s Money Laundering Regulations ensure that those sectors most at risk of being abused for money laundering have appropriate risk-based controls in place. The regulations apply to all financial, legal and estate agency firms involved in property transactions, whether directly with the purchase, securing the funds, or setting up structures to hold property.

The government intends to develop a new public-private strategy focused on anti-money laundering and asset recovery in the coming months.