The Office of Fair Trading (OFT) wishes to inform Real Estate Agents (REAs) and High Value Dealers (HVDs) that it has created new guidance notes to help REAs and HVDs carry out their money laundering and terrorism financing (ML/TF) risk assessments for their business. Risk Assessments are a legal requirement under the Proceeds of Crime Act (POCA) and need to be submitted annually to the OFT.

The OFT has issued these Guidance Notes:

  1. in response to shortcomings identified by the OFT regarding the quality of risk assessments submitted by REAs and HVDs;
  2. in response to requests from REAs and HVDs to provide guidance for the preparation of risk assessments; and
  3. in order to assist REAs and HVDs with the preparation of quality and appropriate risk assessments.

You can access the guidance on our website: https://www.oft.gov.gi/images/documents/Risk_Assessment_Guidance.pdf

We encourage all REAs and HVDs to read the new guidance carefully and we hope that it assists them meeting their obligations under POCA.

If you have any questions or feedback regarding the guidance notes please do not hesitate to contact the OFT and we will be delighted to assist you: aml.oft@gibraltar.gov.gi