- June 26, 2025
- Posted by: FCS Compliance
- Category: News, Property Market
In June 2025, The Guardian reported that Britain’s National Crime Agency (NCA) froze UK property assets worth £170 million belonging to Saifuzzaman Chowdhury – a former Bangladeshi minister – amid an anti-corruption probe. Chowdhury, ex-Land Minister under ousted leader Sheikh Hasina, amassed an extensive UK real estate portfolio now under scrutiny. Analysis of Land Registry records indicates over 300 properties linked to him have been hit with asset-freezing orders, including luxury London properties (one St John’s Wood residence bought for £11 million in 2022, and a £12.65 million apartment block in Fitzrovia). He is the third member of Bangladesh’s former ruling elite to have UK assets frozen – following £90 million in properties tied to other Hasina allies frozen the previous month.
The NCA’s action, taken as part of an ongoing civil investigation, effectively prevents any sale or transfer of these assets and marks a major escalation in efforts to clamp down on dirty money in the UK property market. Transparency International’s investigations lead, Ben Cowdock, hailed the freeze as a “major step forward” but warned that “millions of pounds worth of UK property – bought by individuals close to [Hasina] – [remain] at risk of being sold or moved offshore”, urging UK authorities to intensify efforts and return any corrupt funds to Bangladesh. (Chowdhury, for his part, denies wrongdoing and claims his wealth is legitimate, dismissing the investigation as politically motivated.)
Authorities have targeted high-end UK properties – including at least one in London’s exclusive St John’s Wood – owned by overseas political figures under corruption investigation. The NCA’s asset freezes bar any sale or transfer of these properties
This high-profile case underscores how the UK property market can be a magnet for illicit wealth, and why regulators are stepping up vigilance. It dramatically illustrates the consequence of not abiding by UK money laundering regulations risks in real estate, sending a clear signal that enforcement agencies will take action against suspect assets, even those owned by influential foreign figures. Notably, the crackdown was spurred by international cooperation: Bangladesh’s interim government, led by reformist Muhammad Yunus, specifically requested Britain’s help in tracing and freezing assets allegedly looted under the former regime.
In the wake of Hasina’s ouster in 2024’s student-led uprising, the interim authorities have vowed to claw back billions in stolen funds and are working with the UK (and other countries) to recover overseas properties bought with ill-gotten moneycomsuregroup.com. UK officials have also signaled a tougher stance – the Foreign Secretary recently declared that “the golden age of money laundering is over”, emphasizing that Britain will no longer be a safe haven for corrupt wealth (gov.uk). In late 2024, the UK even imposed new sanctions on several international kleptocrats and their enablers, highlighting cases like a Ukrainian oligarch who hid “tens of millions of pounds of ill-gotten gains in the UK property market”(gov.uk). These transparency and enforcement efforts underscore a broader campaign for anti-money laundering checks for estate agents and bolster the integrity of the market.
Growing Pressure on Estate Agents to Ensure AML Compliance
For UK estate agents and property professionals, the message from this case is unmistakable: the regulatory spotlight on the property sector is intensifying. Law enforcement’s willingness to freeze assets and investigate suspect property deals reflects mounting pressure uphold rigorous standards in anti money laundering for estate agents. The property sector has long been identified as high-risk for money laundering, with criminals exploiting high-value transactions to cleanse illicit funds. Now, both the NCA and HM Revenue & Customs (HMRC) are demonstrating that non-compliance will not be tolerated. HMRC – which supervises estate agency businesses for AML – has been cracking down with increased inspections and hefty penalties. In fact, over the course of 2024 HMRC issued over £1.6 million in fines to estate agencies for AML failings, with individual fines ranging from £10,000 up to over £200,000. These penalties were imposed for a range of breaches, from inadequate firm-wide risk assessments and poor customer due diligence (CDD) procedures to insufficient staff training and failure to file required Suspicious Activity Reports (SARs).
The most recent HMRC data shows that in just one quarter (late 2023), 144 estate agencies and auctioneers were sanctioned – mostly for not registering for AML supervision on time (avoid this simple mistake by registering for our free reminder service AML Protect) – with fines reaching as high as £52,000 (propertymark.co.uk). Clearly, regulators are actively “naming and shaming” violators and ramping up enforcement, reinforcing that estate agent AML compliance is under greater scrutiny than ever
This trend puts UK estate agents, brokers, and other property intermediaries on notice: AML compliance is not optional or merely a tick-box exercise, but a core professional duty. Firms must be prepared for unannounced HMRC AML inspections, as the likelihood of such audits is growing in what has been labeled the UK’s “least compliant” sector.
Industry experts note a recent surge in HMRC inspection activity – with some high-profile agencies being inspected – and anticipate that more enforcement actions (and public penalties) are imminent. Beyond avoiding fines, robust compliance is vital to protect your business’s reputation and to avoid inadvertently facilitating money laundering through UK property, which can carry criminal consequences. Estate agencies should therefore revisit their AML policies, ensuring client due diligence checks are thorough (especially for high-net-worth or overseas clients), risk assessments are up-to-date, and staff are trained to spot red flags (such as complex ownership structures or funds coming from high-risk jurisdictions).
Strengthening AML Readiness with FCS Compliance’s Support
In light of this heightened enforcement climate, many property firms are wisely seeking to assess their AML readiness before regulators come knocking. This is where specialist consultancy support can make all the difference. One flagship offering is our HMRC Mock Inspection Service – essentially a stress-test of your firm’s AML controls under realistic conditions.
In a mock inspection, FCS’s experienced consultants will walk your team through the exact steps an HMRC inspector would take, from reviewing your real estate risk assessment and policies to examining client files and interviewing staff. This simulated audit mirrors an official HMRC AML inspection from start to finish, exposing any potential weaknesses or gaps in your compliance procedures. The process is consultative and educational: we not only identify issues but also provide guidance on how to fix them. Think of it as a safe trial-run that prepares you for the real thing – so that if HMRC pays a visit, you can face it with confidence.
In addition to mock inspections, FCS Compliance provides comprehensive consultancy support, from HMRC inspection support (hand-holding firms through actual regulatory audits) to bespoke advice on complex cases. The goal is to turn AML compliance from a burden into a business strength: by proactively addressing risks, you not only avoid penalties but also enhance your firm’s credibility and client trust.
Is Your Agency Prepared?
The freezing of £170 million in suspect property assets should serve as a wake-up call for all in the UK real estate industry. Now is the time to double-check your compliance health.
Property professionals must ask themselves: Would we pass an AML inspection tomorrow? If there’s any doubt, taking preventative action is far better than reacting to a enforcement crisis. FCS Compliance stands ready to help you assess and elevate your AML readiness.
Our HMRC Mock Inspection service is an ideal first step – a chance to identify and remedy any shortcomings before they attract regulator attention. Don’t wait for an official investigation to uncover deficiencies that could cost you fines or your reputation. Instead, be proactive: contact FCS Compliance today to schedule a mock inspection or consultation.
With expert guidance and a rigorous review of your AML controls, you can ensure your business is fully compliant and well-prepared for the intensified scrutiny ahead. Strengthen your defenses against financial crime, protect your brand, and uphold the highest professional standards – join the many estate agencies who have partnered with FCS Compliance to stay one step ahead on AML compliance.
Secure your AML compliance now – get in touch with FCS Compliance to arrange an HMRC mock inspection and fortify your firm against the risks highlighted by this landmark case. By taking action, you’ll not only meet regulatory demands but also play your part in safeguarding the UK property market from dirty money. In today’s environment, there’s no room for complacency – ensure your agency is ready to thrive under the new era of transparency and enforcement.
