Gibraltar

New Documents

Gibraltar Police Arrest Couple Involved in ML

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

June 17, 2022

Gibraltar Financial Intelligence Unit Publishes 2021 Annual Report

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.

April 18, 2022

Gibraltar FSC Highlights Sanctions Against Russia

March 1, 2022

Moneyval Re-Rates Gibraltar to Reflect Improved AML/CTF Measures

December 14, 2021

Gibraltar FSC Appoints New Head of AML/CTF Supervision

October 26, 2021

News

Weekly Roundup: US Lawmakers Advance AML Whistleblower Bill, Gibraltar Disregards FATF Warning, and More

Austrian bank’s legal appeal rejected, former Privatbank manager fined for AML violations, and more, in the weekly roundup.

June 24, 2022

Weekly Roundup: FATF Limits Russia’s Influence, Canadian Panel Issues Final Report on Money Laundering in British Columbia, and More

Latvia parts ways with FIU chief, Credit Suisse in hot water back home, and more, in the weekly roundup.

June 17, 2022

FATF Deletes Malta from Gray List, Censures Russia for Invading Ukraine

June 17, 2022

Midweek Roundup: FinCEN Preparing Enforcement Relief, US Officials Lack Visibility into Cryptocurrencies, and More

January 13, 2022

Weekly Roundup: US Bill Targets CDD Rule, Justice Department Weighs Deal with Huawei Finance Chief, and More

December 5, 2020

Enforcement Actions

Gibraltar Gambling Commissioner: Onisac Ltd. Must Pay £850,000 for AML Violations

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

February 28, 2022

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

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 : 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