Gibraltar

New Documents

The Royal Gibraltar Police announced that its Economic Crime Unit arrested a couple for their alleged role in a money laundering scheme.

The Gibraltar Financial Intelligence Unit published its 2021 Annual Report and Strategic Analysis, highlighting key achievements and challenges regarding anti-money laundering and counterterrorist financing compliance.

Enforcement Actions

Gibraltar’s Gambling Commissioner agreed to a regulatory settlement of £850,000 with the Gibraltar-based online casino for anti-money laundering failures.

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.


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 : 23 High : 0
Largely Compliant : 16 Substantial : 1
Partially Compliant : 1 Moderate : 7
Non-Compliant : 0 Low : 3

Gibraltar's technical compliance was re-rated in a Dec. 14, 2021 follow-up report

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