Financial Crime World

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Gibraltar’s Compliance with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations

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Operability of AML/CFT Measures

While there is no specific mention of “flee clauses” in the provided report, we can discuss the effectiveness of AML/CFT measures and international cooperation.

Effective AML/CFT Measures

  • The Enforcement Committee facilitates domestic cooperation on AML/CFT issues and shares information on trends and vulnerabilities.
  • Gibraltar authorities have devolved significant resources to international cooperation on money laundering and terrorist financing cases.
  • The FIU has played an important role in national and international cooperation by sharing information with other FIUs through the Egmont secure web system.

National and International Cooperation

International Cooperation

Some key points related to national and international cooperation include:

  • Gibraltar authorities have extended privileges to non-EU member states, provided such states agree to reciprocity.
  • Draft legislation would extend such privileges automatically to all states that have ratified the UN Transnational Organized Crime Convention.
  • The FIU has shared information with other Egmont Group members and contributed to overseas investigations.

Background Information on Gibraltar

Overview of Gibraltar

Gibraltar is an overseas territory of the United Kingdom, having been a constituent of the European Union since 1973 under the U.K. Treaty of Accession. Its economy is dominated by tourism, ports and shipping, and financial services.

Diversification of Economy

Fiscal policy, particularly tax policy, has helped to diversify the economy away from its reliance on government spending.