HM Government of Gibraltar is pleased to announce the successful conclusion of a training event for real estate agents that has been organised by the Anti-Money Laundering (AML) team from the Office of Fair Trading (OFT). The event featured industry experts Annette Perales (X-Reg) and Keith Chichon (Quorum Business Solutions) and sought to strengthen understanding and compliance with AML obligations. The first part of the event offered a comprehensive recap of current AML matters whilst the second part took on a more interactive format, running participants through practical examples. The event also saw the announcement of a thematic review of Money Laundering Reporting Officers that will commence over the coming months.

Looking ahead, the OFT’s Anti-Money Laundering Team will be collaborating with the Legal Services Regulatory Authority (LSRA) and the Gibraltar Association of Compliance Officers (GACO) for a joint event next year. This event will feature a mix of AML training, industry commentary and networking opportunities. It is hoped that building on the interactions between lawyers working in the real estate sector and real estate agents can lead to further improvements in AML compliance.

The CEO of Business and the OFT, John Paul Fa, commented: “We were delighted to welcome over 50 attendees to the event at the Finance Centre Boardroom that has been organised by our Anti-Money Laundering team. The Real Estate Agents have really improved their standards since they were first regulated. More recently, we have also reached an important milestone in that the team who have now carried out on-site inspections on each and every real estate agency in Gibraltar. The overall standard of AML compliance across firms is constantly improving and we are really pleased about that.”

The Minister for Justice, Trade, Industry and Taxation, the Hon Nigel Feetham, commented: “I am really impressed with the good work being done by the Anti-Money Laundering team at the OFT. It is important that Gibraltar keeps up a high level of compliance and maintains our effort to combat financial crime. I fully support the OFT’s Anti-Money Laundering team with the work that they have been doing over the years.”