Are you a High Value Dealer (HVD) or High Risk Dealer (HRD)? Not
sure? Why might this matter?
If you run a business that deals in goods over a certain value
or goods that are considered ‘high risk’, you will
likely be classified as an HVD or HRD. However, do you fully
understand what this means, and if not where do you turn for
assistance and guidance?
Some definitions
An HVD is a business that accepts cash payments (in any
currency) equal to, or greater than 10,000 euros (£8,000) in
exchange for goods. HRDs are the following: dealers in precious
stones and metals, car and motorbike dealers, marine craft dealers
and antique and arts dealers.
Ok, so what?
The Proceeds of Crimes Act 2015 (POCA) and the Terrorism
Act 2018 in Gibraltar set out the laws in relation to money
laundering and terrorist financing (ML/TF) and are also where an
HVD is defined. If a business is therefore “captured”
under the above definitions, there are a number of legal
obligations
