Financial Crime World

AML/CFT Framework in Gibraltar: Key Findings

Introduction

Gibraltar, an overseas territory of the United Kingdom, has made significant strides in implementing a robust Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework. This report highlights key aspects of this framework based on recent findings.

Domestic Cooperation

The Enforcement Committee serves as a crucial platform for information sharing among various authorities regarding trends and vulnerabilities related to money laundering and terrorist financing. Key points in domestic cooperation include:

  • Effective information exchange among authorities
  • Regular updates on emerging threats and vulnerabilities

International Cooperation

Gibraltar has demonstrated strong commitment to international cooperation, engaging with other countries through the Egmont Group and offering privileges to non-EU member states that reciprocate. Key points in international cooperation include:

  • Active participation in the Egmont Group
  • Extension of privileges to non-EU member states on a reciprocal basis

Legislation

The Transnational Organized Crime Ordinance (2006) has implemented provisions from the Palermo Convention, while draft legislation aims to extend similar privileges to all UN-Transnational Organized Crime Convention signatories. Key points in legislation include:

  • Implementation of Palermo Convention provisions
  • Draft legislation extending privileges to UN-Trafficking signatories

Financial Intelligence Unit (FIU)

The GFIU has played a vital role in national and international cooperation by sharing information with other FIUs through the Egmont secure web system. Key points in FIU activities include:

  • Sharing of information with other FIUs
  • Utilization of Egmont secure web system

Financial Services Commission

The FSC regularly shares information with international competent authorities, having previously been challenged on its legal authority to do so. Key points in FSC activities include:

  • Regular sharing of information with international competent authorities
  • Addressing challenges to legal authority