Anti-Money Laundering and Counter-Terrorist Financing Regulation for Local High Value Dealers

70

The Office of Fair Trading (OFT), in conjunction with the Ministry for Commerce, is raising awareness about the OFT’s recent appointment as a supervisory authority for high value dealers 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 of illicit money and the financing of terrorism. High value dealers are businesses that accept cash payments in any currency with a value equal to, or greater than, €15,000.00 in exchange for goods. The OFT will consider any cash transaction for goods which is equal to, or greater than, £8000.00 (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 POCA, keep records of all high value transactions received as from 1st July 2017 and submit annual reports to the OFT.