Gibraltar

New Documents

The Gibraltar Financial Intelligence Unit published a report detailing key statistics surrounding the filing of suspicious activity reports in the jurisdiction, highlighting that the reporting of suspicious activity is a cornerstone of anti-money laundering and counterterrorist financing.

The Financial Intelligence Unit of Gibraltar published a sector typologies report focusing on trends and insights through a detailed analysis of suspicious activity reports it received between January 2018 and December 2020.

News

Enforcement Actions

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.

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.


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