Gibraltar

New Documents

Gibraltar FSC Issues Updated Guidance for Distributed Ledger Technology Providers

The Gibraltar Financial Services Commission published updated guidance notes for distributed ledger technology providers that align with the Financial Services Act 2019 and assist firms with adhering to best practices aimed at protecting the financial system and consumers.

September 21, 2020

Gibraltar FSC Publishes National ML/TF Risk Assessment

The Gibraltar Financial Services Commission published its 2020 National Risk Assessment for Money Laundering, Terrorist Financing, and Proliferation Financing.

August 17, 2020

Gibraltar FSC: STM Group Affiliates Agrees to Improve AML, Corporate Governance Measures

August 10, 2020

Gibraltar FIU Releases Guidance for Countering Proliferation Financing

June 23, 2020

GFSC Publishes Annual Report Summarizing Regulatory Developments to Combat ML/TF Risks

June 8, 2020

News

Midweek Roundup: HSBC Rejects China’s Accusations, Beijing Urges Migration from Swift, and More

Westpac discloses 500,000 unreported transactions, Visa and Mastercard flagged indicia of fraud at Wirecard, and more, in the midweek roundup.

July 29, 2020

Weekly Roundup: FinCEN Coughs Up Hunter Biden SARs, OCC Expects Few BSA Enforcement Actions, and More

U.S. title insurance firms reported thousands of potentially illicit real estate deals, Westpac knew of AML deficiencies for years, and more, in the weekly roundup.

February 7, 2020

Weekly Roundup: Germany Ramps Up Deutsche Bank Probe, Nordic Lenders Launch Shared KYC Utility, and More

July 5, 2019

Weekly Roundup: FIFA Official Extradited, UniCredit to Settle Tax Investigation in Germany, and More

July 17, 2015

Weekly Roundup: FATF Upgrades Indonesia, SEC Fines Against Compliance Officers Raise Concerns, and More

June 26, 2015

Enforcement Actions

Gibraltar Office of Fair Trading Fines Real Estate Agent £5,000 for AML/CTF Breaches

The Office of Fair Trading of Gibraltar issued a £5,000 financial penalty against a local real estate agent for failing to submit documents as part of the agent’s anti-money laundering and counterterrorist financing obligations.

July 29, 2020

Gibraltar Fines Wave Crest Holdings Limited, Company Executives £250,000 for AML Violations

The Gibraltar Financial Services Commission entered into a regulatory settlement with the Gibraltar-based company and Brent Almeida, John Racine and Colin Piri for deficiencies in its anti-money laundering program that occurred from Jan. 1, 2017 to May 2018.

December 14, 2018

Key Documents

Gibraltar Updates AML/CTF Framework, Approves Cooperation with European Countries

November 22, 2012

Gibraltar Establishes Framework of Measures Against Terrorist Financing, Money Laundering

February 10, 2011

Gibraltar Releases Terrorist Asset Freezing Regulations

March 31, 2011

Gibraltar Criminalizes Laundering of Drug Proceeds, Updates Drug Trafficking Law

June 14, 2007

British Overseas Territories Adopt UN Counter Terrorism Measures

October 9, 2001

Gibraltar Updates AML/CTF Guidance to Reflect Revised FATF Standards

January 10, 2012

Important Facts

  • The U.S. State Department identifies Gibraltar as a jurisdiction of concern. Gibraltar is considered an overseas territory of the United Kingdom. The jurisdiction has an international financial center that is small internationally, but large in comparison to its domestic economy. The financial services sector has strong ties to London, the Crown Dependencies and other financial centers. Bordering Spain and near the north coast of Africa, Gibraltar is adjacent to known drug trafficking and human smuggling routes. The jurisdiction is also exposed to money launderers located in drug producing centers in Morocco and drug consumption and distribution networks in Spain. The organized criminal groups from Eastern Europe established in southern Spain may use Gibraltar as a base for laundering money. These risks are mitigated by the small coastline, effective policing and border controls between Gibraltar and Spain. However, tobacco smuggling over the Gibraltar frontier has remained a problem.
  • KYC Covered Entities:  Banks, mutual savings companies, insurance companies, financial consultants, investment businesses, postal services, exchange bureaus, attorneys, accountants, financial regulatory agencies, unions, casinos, lotteries, charities, car dealerships, yacht brokers, company formation agents, political parties, real estate agents, notaries, and dealers in gold bullion and high-value goods
  • STR Covered Entities: Any legal person, whether or not they conduct financial services
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (Jan. 1 – Dec. 2, 2015); Convictions: 0 (Jan. 1 – Dec. 2, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 15 High : 0
Largely Compliant : 15 Substantial : 1
Partially Compliant : 10 Moderate : 7
Non-Compliant : 0 Low : 3

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 30/133
Score : 69/100