HAPPY HIPSTERS
Date: 13 July 2007
Issue: Vol 157, Issue 7281
Categories: News, Property, Regulatory
In brief
Home Information Packs (HIPs) will not be subject to money laundering regulations, the Treasury has confirmed. In a letter to the Law Society, clarifying further issues with respect to the draft Money Laundering Regulations 2007, the Treasury states that the preparation of a HIP will not be subject to the regulations as it is a preparatory stage in marketing a property, not assistance in the planning of a property transaction. Paul Marsh, Law Society deputy vice president, says: “This is a common sense move by the Treasury, which appropriately reflects the Law Society’s view of the non-existent money laundering risk represented by HIPs.”
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