Question to the HM Treasury:

To ask Her Majesty’s Government whether they plan to introduce a cap on cash payments for property, in addition to existing anti-money-laundering measures.

The Government does not currently have plans to introduce a cap on cash payments for property.

However, the Government will consult later this year on the transposition of the 4^th EU Money Laundering Directive which is compatible with the revised global standards of the Financial Action Task Force. We will use this consultation to propose changes to improve the effectiveness of the UK’s anti-money laundering and counter terrorist finance regime.

The Government is committed to protecting the financial system and national security through effective and proportionate use of financial sanctions, anti-money laundering, counter-terrorist and proliferation finance measures. All those dealing with property transactions in the UK, including banks, lawyers and estate agents, are required to actively detect and prevent money laundering including by reporting suspicious activity to the National Crime Agency and by conducting customer due diligence using a risk-based approach.