Gibraltar High Value Dealers & Gibraltar Real Estate Agents
As I am sure you are aware Estate Agents and High Value Dealers need now to follow the requirements of the Proceeds of Crimes Act. Non-compliance does of course have potentially severe consequences on your business and the Office of Fair Trading (OFT) has the responsibility of supervising adherence to the law.
Should you not be aware the Gibraltar Association of Compliance Officers (GACO) is a non profit making organisation who’s members are regulated organisations in Gibraltar. GACO is run by an Executive Committee of volunteers with regulatory experience. We would see it as beneficial for all HVD’s and Real Estate Agents in Gibraltar to consider becoming GACO members and to profit from the training events we provide. We would be happy to produce bespoke training directly relevant to your needs as HVDs and Real Estate Agents should you wish. More information on GACO can be seen on our webpage.
You will be only too aware that the buying and selling of high value goods for cash is internationally recognised as a major avenue for money laundering activity. and is very attractive to criminals seeking to launder illicit funds and hence the reason why the Government has included high value dealers in the Regulations. The OFT will consider any cash transaction for goods which is equal to, or greater than £8,000.00 as a high value transaction.
Likewise, the risk of real estate being used for the laundering of money in Gibraltar is considered high as set out in HM Government of Gibraltar’s AML/CFT National Risk Assessment. Gibraltar’s strong property market and stable economy can be attractive for money launderers, hence the reason for including estate agents in the Regulations.
If you wish to become a GACO member or have further questions, please kindly contact Sophie Moody at Moore Stephens Gibraltar, firstname.lastname@example.org. If you are already member of the Gibraltar Chamber of Commerce or the Gibraltar Federation of Small Businesses, we would be happy to give you a 15% discount on your first year GACO membership fee.
We look forward to hearing from you and hopefully to welcoming you at GACO.
Carlos M. Martins
For and on behalf of the GACO Executive Committee