Money laundering is the process of transforming and concealing the profits generated by criminal activity and corruption (such as drug trafficking, fraud and tax evasion) into a ‘clean’/legitimate asset. For more information about money laundering visit the Gibraltar Financial Intelligence Unit's website.
Terrorist financing involves the use or the making available of funds or assets for the purposes of terrorism and the acquisition, possession, concealment, conversion or transfer of funds for the purposes of terrorism. For more information about terrorist financing, and for Counter Terrorist Financing Guidance visit the Gibraltar Financial Intelligence Unit's website.
The Office of Fair Trading has been appointed as a supervisory authority under the Proceeds of Crime Act 2015 (POCA). POCA is a Gibraltar law aimed at preventing the abuse of the financial system for the laundering or illicit money, the financing of terrorism and proliferation financing. It also sets out processes relating to the confiscation, investigation and recovery of the proceeds of unlawful conduct.
The OFT will be specifically regulating High Value Good Dealers and Real Estate Agents & Letting Agents for compliance with anti-money laundering and combatting the financing of terrorism (AML/CFT) legislation. The OFT aims to prevent High Value Good Dealers and Real Estate Agents & Letting Agents from being used for money laundering, terrorist financing and proliferation financing through effective supervision, regulation and enforcement.