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Estate agent fined £5,000 over AML failures but escapes being named

Company in British Overseas Territory Gibraltar to pay penalty after ignoring requests to comply with Anti Money Laundering regulations.

Nigel Lewis

gibraltar AML

An estate agent in Gibraltar has been fined £5,000 for failing to meet the British Overseas Territory’s Anti-Money Laundering (AML) obligations but, extraordinarily, has not been named.

Gibraltar’s government says its estate agents are required to submit various documents to the territory’s Office of Fair Trading as part of their Anti- Money laundering and countering the financing of terrorism (AML/CFT) obligations.

As in mainland UK, this includes 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,” a government statement says.

Warning notice

“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.”

The OFT’s role as a supervisory body under Gibraltar’s Proceeds Of Crime Act 2015 is to ensure that estate agents and high value good dealers in Gibraltar comply with their AML/CFT obligations.

It is understood that other agents on the peninsula are well aware which agents is involved, but cannot name them.

Gibraltar is a famously tight-kinit and gossipy community – just 32,000 people live and work in an area of 2.6 square miles including just under 30 estate agents, including several well-known UK branches such as Savills and Chesterton.

Read more about AML.

July 27, 2020

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