Major Money-Laundering Case in Gibraltar: £2 Million in Assets Seized from Serra Family
In a significant step forward in Gibraltar’s ongoing battle against money laundering, the Royal Gibraltar Police (RGP) have seized around £2 million worth of assets from a local family.
Background
The seizure came following a lengthy investigation initiated by the RGP in 2020. The investigation arose from a criminal money-laundering case opened against local resident Clint Serra based on intelligence received from a Spanish law enforcement agency.
Confiscation of Assets
Last Friday (30 June), the Supreme Court granted a judgment in favor of the Attorney General during civil proceedings, enabling the confiscation of assets derived from proceeds of drug trafficking. The acquisition of these assets was believed to be linked to members of Mr. Serra’s immediate family.
Seized Assets
The following assets were seized:
- Three commercial units in Watergardens and associated rental income
- A residential property in Catalan Bay
- A taxi license
Proceeds of Crime Act
The Proceeds of Crime Act (POCA) was invoked to seize and confiscate these assets. The RGP’s Money Laundering Investigation Unit discovered these assets during the investigation.
Appointment of Receiver and Sale of Properties
A receiver has been appointed, and the real estate properties will be sold to place the funds into the Gibraltar Recovered Asset Fund. The fund supports law enforcement initiatives against economic crime in its entirety.
RGP’s Position
An RGP spokesperson commented, “We will utilize the civil powers granted under the Proceeds of Crime Act to remove assets acquired by suspected criminals, regardless of whether a criminal case can be proven.”
Total Financial Loss
Sources close to the family suggest that the total financial loss could exceed £2 million. This seizure represents a substantial victory in the ongoing battle against money laundering in Gibraltar.