SOLICITORS could be imprisoned for up to two years for “genuine mistakes” under proposals to crack down on mortgage fraud and money laundering, MSPs have warned.
The Land Registration (Scotland) Bill will make it an offence to knowingly or recklessly register land under false pretences.
However, Conservative MSP Murdo Fraser, a member of the Law Society and convener of Holyrood’s Economy Committee, told the Scottish Parliament today that the Bill contains no detail on how a solicitor can avoid being prosecuted for “recklessness”.
Mortgage fraud is estimated to cost the UK economy £1 billion a year but ministers say it is difficult to prosecute fraudsters and their accomplices in the legal profession under current laws.
Fraudsters take out a mortgage for land or properties under false pretences at an inflated value, sometimes with the help of a corrupt solicitor, and then skip the payments and allow the property to deteriorate.
Detailed news link : here
Link to The Land Registration (Scotland) Bill: here