The Office of Fair Trading has been appointed as a Supervisory Authority under the Proceeds of Crime Act 2015 (POCA) for High Value Good Dealers, Art Market Participants and Real Estate Agents & Letting Agents.
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's aims is to prevent High Value Good Dealers, Art Market Participants and Real Estate Agents & Letting Agents from being used for money laundering, terrorist financing and proliferation financing through effective supervision, regulation and enforcement.
AML/CFT/CPF refers to laws and systems designed to prevent:
Money laundering, or ML, is the process of transforming and concealing the profits generated by criminal activity and corruption (such as drug trafficking, market manipulation, fraud, tax evasion and bribery) into a ‘clean’/legitimate asset which is in the banking system and where the illicit source of the money cannot be traced.
The buying and selling of high value goods in cash and real estate are recognised as major avenues for money laundering activity which is exploited by organised crime and corrupt officials. For more information about money laundering visit the Gibraltar Financial Intelligence Unit's website.
Terrorist financing, or TF, is defined in s.1ZA of POCA. It involves:
For more information about terrorist financing, and for Counter Terrorist Financing Guidance visit the Gibraltar Financial Intelligence Unit's website.
Proliferation financing, or PF, refers to the act of providing funds or financial services which are used for the manufacture, acquisition, possession, development, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery. This is not an exhaustive definition and is indicative only. For more information about proliferation financing, visit the Gibraltar Financial Intelligence Unit's website.