Estate agent fined £5,000 over anti-money laundering obligations
A local real estate agent has been fined £5,000 by the Office of Fair Trading for failing to meet anti-money laundering obligations.
Local real estate agents are required to submit various documents to the OFT as part of their Anti-Money laundering and countering the financing of terrorism (AML/CFT) obligations.
These include business risk assessments, annual reports, and AML/CFT policies and procedures.
According to the Gibraltar Government, despite numerous requests for the documents and various deadline extensions dating back a significant time, the non-compliant real estate agent had not provided the outstanding documents required by the OFT.
The OFT said it therefore issued the agent with a warning notice last month that it would issue a financial penalty if the documents were not submitted or representations made.
Having received no formal response the OFT proceeded to issue the financial penalty.
The Government did not name the business in question.
It is the OFT’s role as a supervisory body under the Proceeds of Crime Act 2015 to ensure that real estate agents and high value good dealers in Gibraltar comply with their AML/CFT obligations as set out in the Act and the OFT Guidance Notes for each of the sectors.