Gibraltar Takes Aim at Financial Crimes in Emerging Markets
Combating Financial Crimes with Improved Detection and Intelligence Gathering
In a bid to strengthen its efforts in combating financial crimes, Gibraltar’s Financial Intelligence Unit (GFIU) has been working tirelessly to improve detection and enhance its intelligence gathering capabilities. Established in 1996, the GFIU is responsible for gathering, storing, analyzing, and disseminating information related to criminal conduct, including money laundering, terrorism financing, and proliferation of weapons of mass destruction.
International Cooperation and Awareness Raising
The GFIU has been focusing on sharing financial intelligence with international partners across the world, as well as raising awareness about money laundering and terrorist financing among stakeholders. The unit’s online reporting system, THEMIS, allows for easy submission of Suspicious Activity Reports (SARs).
- Sharing financial intelligence with international partners
- Raising awareness about money laundering and terrorist financing among stakeholders
International Cooperation and Outreach Program
Gibraltar’s efforts have also extended to international cooperation, where the GFIU has been providing assistance to other jurisdictions in tackling financial crimes. Additionally, its outreach program, Project Nexus, includes an e-learning initiative aimed at educating stakeholders on money laundering and terrorist financing.
- Providing assistance to other jurisdictions in tackling financial crimes
- Outreach program: Project Nexus (e-learning initiative)
New Sanctions Regime and Report
In a recent development, the GFIU has launched a new sanctions regime, aimed at combating the proliferation of weapons of mass destruction. The unit has also published a report detailing its latest annual analysis and typologies on money laundering and terrorist financing.
- New sanctions regime: combating the proliferation of weapons of mass destruction
- Report: latest annual analysis and typologies on money laundering and terrorist financing
National Risk Assessment and Collaboration
Gibraltar’s National Risk Assessment (NRA) has identified existing and future risks of money laundering, terrorist financing, and proliferation of weapons of mass destruction, prompting the GFIU to intensify its efforts in combating these crimes. The unit is also working closely with relevant authorities, including the Royal Gibraltar Police, HM Customs, and the Civil Service.
- National Risk Assessment: identifying existing and future risks
- Collaboration with relevant authorities
Partnership for Awareness Raising
In a related development, the GFIU has partnered with Project Servator and Think Business to raise awareness about money laundering and terrorist financing among businesses in Gibraltar. The initiative aims to educate stakeholders on the risks associated with these crimes and provide guidance on how to report suspicious activity.
- Partnership: raising awareness about money laundering and terrorist financing
- Educating stakeholders on the risks and providing guidance on reporting suspicious activity
Conclusion
With its efforts focused on improving detection, enhancing intelligence gathering capabilities, and raising awareness about financial crimes, the GFIU is well-positioned to tackle the growing threat of money laundering and terrorist financing in Gibraltar’s emerging markets.