The OFT carries out regular inspections of Gibraltar businesses. / ñito salas

Gibraltar estate agency fined by Office of Fair Trading

Kristina Szekely International Realty has received a financial penalty of £7,000 for breaches and deficiencies in anti-money laundering and anti-terrorism financing procedures


The Gibraltar Office of Fair Trading has fined Kristina Szekely International Realty £7,000 after a routine inspection in November last year found breaches and deficiencies in the way the business operates its anti-money laundering and anti-terrorismfinancing obligations.

It is the OFT’s role as a supervisory body under the Proceeds of Crime Act 2015 to ensure that real estate agents and high value goods dealers in Gibraltar comply with their AML/CFT obligations and these inspections of local businesses are carried out on a regular basis.

Since November, the OFT has carried out 12 onsite visits in Gibraltar, and issued 12 action plans and four warning notices regarding between £400 and £4,000 worth of financial penalties, in addition to this case.