As a result of changes to the Criminal Justice Ordinance resulting from the implementation of the Second Money Laundering Directive (2001/97/EC), businesses that accept cash as payment for goods over a certain value need to comply with anti-money laundering obligations. The Government has issued a Guidance Note to assist these businesses in understanding those obligations and to provide some practical advice.

The Guidance Note applies to businesses that accept cash payment for goods valued at the equivalent of 15,000 euros or more. It explains how these businesses must implement procedures to prevent themselves from being used to launder money.

The Guidance Note also sets out some examples of anti-money laundering systems.

The Chamber of Commerce and the Gibraltar Federation of Small Businesses are being supplied with a copy of the Guidance Note. The Guidance Note will also be available on the Government’s website at www.gibraltar.gov.gi