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Gibraltar Issues AML/CTF Reminder To High-Value Dealers

by Jason Gorringe, Lowtax.net, London
13 July, 2017

Gibraltar's Office of Fair Trading (OFT) has reminded high-value dealers of their anti-money laundering and countering the financing of terrorism (AML/CTF) obligations under the Proceeds of Crime Act 2015.

High-value dealers are businesses that accept cash payments in any currency with a value equal to, or greater than, GBP15,000 (USD19,300) in exchange for goods.

The OFT, which has recently been appointed as a supervisory authority for high-value dealers, said it will consider any cash transaction for goods equal to, or greater than, GBP8,000 (or any currency equivalents) as a high-value transaction. Any business accepting such cash payments is required to comply with the obligations set out in the Proceeds of Crime Act, including keeping records of all high value transactions received from July 1, 2017, and submitting annual reports to the OFT.

Guidance notes and other documentation to assist local businesses in complying with these obligations have been prepared by the OFT, and will be mailed to all identified high-value dealers imminently. They can also be downloaded from the OFT's website.

The OFT has also reminded real estate agents in Gibraltar that they are now under its supervisory oversight under the Proceeds of Crime Act. The OFT says it is currently working on guidance notes, which will be issued in due course.

The appointment of the OFT to these new supervisory roles has been prompted by the forthcoming evaluation of Gibraltar's AML/CTF measures by the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, commonly referred to as "MONEYVAL".

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