Estate agent fined £5,000

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 Monday, July 27, 2020 - 09:34

The Office of Fair Trading (OFT) has issued a £5000 financial penalty to a local real estate agent for failing to submit documents to the OFT.

Local real estate agents are required to submit various documents to the OFT as part of their AntiMoney laundering and countering the financing ofterrorism (AML/CFT) obligations. These include business risk assessments, annual reports, and AML/CFT Policies and Procedures.

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 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.

Itis the OFT’s role as a supervisory body under the Proceeds Of CrimeAct 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 Proceeds of Crimes Act 2015 and the OFT Guidance Notes for each of the sectors.

*More information on the OFT’s AML/CFT role can be found on its website:

www.oft.gov.gi/index.php/aml-cft

27-07-2020 PANORAMAdailyGIBRALTAR