The Office of Fair Trading (OFT) has unveiled new guidelines to help businesses comply with new legislation designed to detect money laundering.

From December 15th, estate agents will be supervised by the OFT to ensure that they are following the rules set down in the Money Laundering Regulations 2007, which include offering staff anti-money laundering training and keeping records about the identity and business dealings of their clients for five years.

Estate agents are also obligated to report suspicious activity, such as unusual instructions or requests from clients to put a property on sale for below market value, to the Serious Organised Crime Agency.

Ray Hall, the director of markets and projects at the OFT, said: "Our key aim at this stage is to ensure that businesses we supervise are aware of their obligations under regulations.

"Although these businesses already have to comply with anti-money laundering legislation until now they have not been supervised."

Agents who fail to obey the rules face penalties imposed by the OFT, fines or even a prison term.

Some firms have already put procedures in place to help identify money launderers who may use their services to conceal where their money came from, with Connells announcing it has a "comprehensive client identification" programme.