We are not just nosy, there are good reasons we ask where your money came from.
Cleaning money. Money laundering. Fraud. These are the kinds of things which keep conveyancing solicitors awake at night. That and worrying that we have sold somebody the wrong back garden and other issues which we know are bound to take weeks to unravel.
Some clients think we’re nosy when we ask how they will be funding the house purchase we’re discussing. If we’re honest, we can think of far more interesting things to be nosy about – who is moving in with you for example. In asking those questions what we’re actually doing is making sure that no one is unwittingly committing or being exposed to fraud or money laundering.
You might think that’s not a realistic risk, but how would you feel if you sold your home and then the police came knocking to take the money from you because your buyer had used the proceeds of crime to purchase it?
Huge sums of money change hands every day in the conveyancing sector. Estimates from the National Crime Agency put the extent of money laundering impacting the UK in the hundreds of billions of pounds annually.
So, protecting clients from this awful scenario is at the heart of us asking questions about where the money for a property purchase will come from.
The Government’s Flag It Up campaign – aimed at raising awareness of money laundering among professionals in the industry – states: “Money laundering is not only a crime itself, but also a key enabler of other serious crimes such as modern slavery, drugs trafficking, fraud, corruption, and even terrorism.” And we don’t want any of that here, thank you.
Like all of the very many things we need you to be aware of, the team will always explain what you need to know and why you need to know it as part of the time we spend with you discussing your sale or purchase.
If there’s something you don’t understand, you only have to say. We want you to receive a Goldilocks service – not too much information, not too little information, but just the right amount. So if you have any questions, we’re only a phone call away.