Gibraltar Financial Intelligence Unit Leads Crackdown on Financial Crime
Introduction
The Gibraltar Financial Intelligence Unit (GFIU) has been at the forefront of efforts to combat financial crime in the territory, focusing on improving detection and enhancing its capabilities to tackle terrorist financing. The unit’s work involves gathering, storing, analyzing, and disseminating intelligence related to criminal conduct, including money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
Key Objectives
- Improve detection and prevention of financial crime
- Enhance collaboration with international partners to share information and best practices
- Protect the reputation of Gibraltar’s finance centre
- Raise awareness on money laundering and terrorist financing
GFIU’s Online Reporting System
GFIU’s online reporting system, THEMIS, allows Suspicious Activity Reports (SARs) to be submitted electronically, streamlining the process and enabling quicker action to be taken against potential financial crimes.
International Collaboration and Outreach Program
- Providing assistance to other jurisdictions
- Project Nexus: an e-learning initiative aimed at enhancing collaboration and knowledge sharing
Annual Report and Guidance
GFIU’s annual report analyzes trends and typologies in financial crime, identifying existing and future risks of money laundering, terrorism financing, and proliferation financing. The unit’s work is guided by relevant legislation, including:
- Proceeds of Crime Act 2015
- Terrorism Act 2018
- Drug Trafficking Act 1995
Publications and Resources
GFIU provides information on sanctions and designated subject links, while its National Risk Assessment identifies existing and future risks of ML/TF/PF. The unit’s publications section offers guidance and resources for financial institutions and other stakeholders.
Conclusion
As GFIU continues to play a critical role in combating financial crime in Gibraltar, its efforts are underpinned by a commitment to protecting the territory’s finance centre reputation and enhancing collaboration with international partners.