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Gibraltar’s Financial Intelligence Unit Cracks Down on Financial Crime, Boosts Detection of Terrorist Financing

Gibraltar’s Financial Intelligence Unit (GFIU) has intensified its efforts to combat financial crime by enhancing its detection and prevention of terrorist financing. Established in 1996, the GFIU is responsible for collecting, analyzing, and disseminating intelligence related to criminal conduct, including money laundering, terrorism financing, and proliferation of weapons of mass destruction.

Improved Intelligence Gathering and Sharing

The GFIU has made significant progress in its online reporting system THEMIS, which encourages financial institutions and individuals to submit Suspicious Activity Reports (SARs). These reports are then analyzed to identify potential financial crimes. The unit’s international efforts have also seen it share financial intelligence with partners worldwide, strengthening global cooperation in fighting financial crime.

Raising Awareness and Providing Guidance

To combat money laundering and terrorist financing, the GFIU has launched various initiatives, including:

• Project Nexus: an outreach program featuring an e-learning initiative
• Guidance documents for financial institutions and the public to help them understand their roles in preventing financial crimes

Close Collaboration with Other Jurisdictions

The GFIU works closely with other jurisdictions to combat cross-border financial crime. Its Sanctions program provides up-to-date information on sanctions and designated subjects, while its National Risk Assessment (NRA) identifies existing and future risks of money laundering, terrorist financing, and proliferation financing.

Recognition and Impact

The GFIU’s efforts have been recognized globally, and it is seen as a key player in protecting Gibraltar’s finance center from reputational damage. With its legislative framework in place, the GFIU ensures that financial institutions comply with anti-money laundering and counter-terrorism financing regulations, thus preventing financial crimes from thriving in the territory.

Annual Report and Strategic Analysis

The GFIU’s annual report and strategic analysis provide valuable insights into the unit’s activities and the evolving threat landscape of financial crime. Its work has been recognized as essential in protecting Gibraltar’s finance sector, which is a critical component of the economy.

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