HM Revenue & Customs officers have investigated 50 estate agents suspected of breaching money laundering regulations.
The visits took place in the first week of intelligence-led action aimed at estate agents trading without having registered with HMRC.
Businesses may now receive fines, or face criminal proceedings.
The investigation is part of a “zero tolerance” crackdown on criminals who use property sales to launder cash or finance terrorism.
John Glen, economic secretary to the Treasury, said: “The vast majority of estate agents play by the rules and help us to crack down on dirty money. But I have zero tolerance for firms prepared to turn a blind eye to the law.
“Money laundering regulation exists to help protect honest business, so anyone who flaunts the law should know that swift action will be taken.”
Simon York, director of HMRC’s Fraud Investigation Service, said: “Estate agents need to understand that criminals prey on weaknesses, so it’s vital they take all steps to protect themselves.
“The money laundering regulations are key to that, but there is still a minority of agents who ignore their legal obligations. These inspections are a wake-up call that if you continue to trade illegally we will come knocking.”
HMRC supervises more than 11,000 residential and commercial estate agents across the UK. It recently published its list of businesses hit with fines, including Countrywide, which received a £215,000 fine.
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