Financial Crime World

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Gibraltar’s Financial Intelligence Unit Plays Pivotal Role in Combatting Economic Crime

The Gibraltar Financial Intelligence Unit (GFIU) has been a key player in combating economic crime since its establishment in January 1996. As a crucial component in the fight against money laundering, terrorist financing, and other financial crimes, the GFIU plays a vital role in receiving, analyzing, and disseminating suspicious transaction reports from financial institutions and other relevant bodies.

Functions and Responsibilities

  • Staffed by officers from the Royal Gibraltar Police, HM Customs, and the Civil Service
  • Functions in accordance with the Financial Action Task Force (FATF) Recommendations and Standards
  • Regularly evaluated by the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)

Investigations and Intelligence Gathering

  • Maintains a comprehensive database of all disclosures and financial intelligence gathered during investigations
  • Allocated to law enforcement agencies for further action
  • Provides feedback to financial institutions and conducts outreach programs aimed at enhancing awareness on:
    • Money laundering
    • Terrorist financing
    • Human trafficking
    • The proliferation of weapons of mass destruction

Corporate Communication Strategy

  • Outlines approach to effective internal and external communications over the next three years
  • Aims to raise awareness on economic crime and support implementation of a structured program to combat money laundering and terrorist financing

Strategic Plan for 2023-26: The Four E’s

  • Embodying its ambitions and approach to achieving them
  • Focuses on four interconnected high-level priorities:
    • Engagement: Strengthen relationships with stakeholders and the community
    • Expertise: Develop and maintain specialized skills and knowledge
    • Effectiveness: Enhance operational efficiency and effectiveness
    • Enabling: Foster a culture of innovation, collaboration, and continuous improvement

Recognition and Membership

  • Became a full member of the Egmont Group of Financial Intelligence Units in July 2004
  • Continues to play a vital role in Gibraltar’s efforts to combat money laundering and terrorist financing
  • Maintains commitment to transparency, accountability, and effective communication