Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of anti-money laundering regulations on transaction times in property conveyancing.

Under the Money Laundering Regulations, estate agents and legal professionals must apply customer due diligence measures to mitigate the risk that property purchases are used to launder the proceeds of crime. These measures include checking and verifying the identity of buyers and sellers and assessing the purpose and intended nature of the transaction. The Regulations enable a proportionate, risk-based approach to customer due diligence, meaning conveyancers and others should actively assess and respond to the specific risks in each transaction. The Legal Sector Affinity Group (LSAG) guidance provides detailed advice to legal professionals on how to comply proportionately with these requirements in property transactions. HM Treasury has regular discussions with representatives of regulated sectors, including conveyancers, to ensure the Regulations remain proportionate and effective.