The Office of Fair Trading (OFT), as the appointed Supervisory Authority for High Value Good Dealers and Art Market Participants under the Proceeds of Crime Act 2015 (POCA), has updated its anti-money laundering and combatting the financing of terrorism guidance for High Value Goods Dealers (HVGDs).
The revised document contains important updates to the pre-existing guidance. The main changes cover:
- updates to the monetary threshold for being considered a HVGD;
- the inclusion of Art Market Participants;
- additional guidance on Proliferation Financing; and
- additional guidance on source of funds and source of wealth.
The new guidance can be found and downloaded from the OFT’s website: https://www.oft.gov.gi/uploads/AML/HVGD_Guidance.pdf
The OFT strongly encourages all HVGDs and Art Market Participants to read the new guidance carefully and to become acquainted with their legal obligations under POCA and the Sanctions Act 2019.
The OFT also encourages all business that trade in high value goods (including motor vehicles, marine craft, precious metals, jewellery, luxury watches and fine art, antiques & other collectibles) to read through the introductory section of the guidance to determine whether the requirements of the legislation apply to their trade.
The OFT hopes that the new guidance will further assist HVGDs and Art Market Participants to meet their legal obligations under POCA and the Sanctions Act 2019. The OFT also wishes to remind business that there is also more guidance on the OFT’s website: https://www.oft.gov.gi/aml-cft
Should any business have any questions or feedback regarding the guidance, they should contact the OFT who will be delighted to assist: aml.oft@gibraltar.gov.gi
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