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NAEA to launch urgent investigation into money laundering allegations
The National Association of Estate Agents yesterday morning announced it is to carry out its own investigation of last night’s screening of the Channel 4 documentary From Russia with Cash in which a number of agents allegedly deal with an undercover investigator wanting to launder money.
The NAEA hit out at its own members “thinking they are above the law” and threatened expulsion.
Using the strongest possible words, Mark Hayward, managing director of the NAEA, said: “We do not condone the behaviour of the agents in the documentary From Russia with Cash and it is regretful that a small number of negligent agents tarnish the reputation of the industry as a whole.
“All agents should know that they have a responsibility to report any potential money laundering activities to the National Crime Agency and failure to do so, or to enable such an action, is a criminal act.
“We take a dim view of members thinking they are above the law.
“Our members agree to comply with professional standards and we operate a range of sanctions to any breach of those standards.
“In the case of anti-money laundering, members would face a disciplinary process which could involve expulsion and a fine of up to 5 million euros.
“As a consequence of this documentary we will be carrying out our own investigation and, if needs be, we will not refrain from taking the strongest appropriate action possible.”
