Gibraltar’s Fight Against Money Laundering and Terrorist Financing

Effective Implementation of Freeze Clauses for AML/CFT Issues

Gibraltar has been proactive in addressing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) issues through a comprehensive approach that involves domestic cooperation, international collaboration, and robust regulation.

Domestic Cooperation: The Key to Success

• Enforcement Committee: This committee plays a crucial role in facilitating domestic cooperation on AML/CFT issues by bringing together representatives from law enforcement, intelligence, regulatory, policy, and financial development authorities.
• Collaborative Efforts: Authorities are commended for their efforts to share information and coordinate actions across different departments, enabling effective responses to complex cases.

International Cooperation: Extending Beyond Borders

• UK’s Limited Extension of Treaties: Although the UK has not extended the Vienna Convention or the International Convention for the Suppression of the Financing of Terrorism (ICSFT) to Gibraltar, the government has legislated key provisions mirroring those in the Conventions.
• Gibraltar’s Commitment to Global Cooperation: Authorities are devoting resources to international cooperation on money laundering and terrorist financing cases, enabling full cooperation with EU member states and extending privileges to non-EU member states upon reciprocity.

Strengthening International Ties

• Financial Intelligence Unit (FIU): The GFIU shares information with other FIUs through the Egmont secure web system, contributing to overseas investigations by cooperating closely with other Egmont Group members.
• Global Reach: Gibraltar’s commitment to international cooperation extends beyond its borders, enabling it to share intelligence and best practices with other countries.

Regulatory Framework: Ensuring Transparency and Accountability

• Financial Services Commission (FSC): The FSC regularly shares information with international competent authorities, following a court ruling that it can share information if necessary for public interests in Gibraltar.
• Robust Regulation: Gibraltar’s regulatory framework is designed to ensure transparency and accountability, providing a secure environment for businesses and individuals alike.

Overall, Gibraltar’s efforts in combating money laundering and terrorist financing demonstrate its commitment to international cooperation, transparency, and regulation.