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Gibraltar Introduces New UBO Regulations to Combat Money Laundering

Strengthening Anti-Money Laundering Obligations

The Gibraltar government has introduced new regulations requiring the disclosure of ultimate beneficial owners (UBOs) of Gibraltar-registered companies and other entities, including trusts. This move is aimed at complying with international anti-money laundering obligations and best practice.

Key Highlights of the Regulations

• Companies and other entities must obtain and hold accurate information on their UBOs, including:
  • Name
  • Date and place of birth
  • Residential address
  • Percentage of holding
• Trusts are subject to the same requirements, with settlors, trustees, protectors, beneficiaries, and any natural person exercising control over the trust required to provide personal information

Compliance Deadline and Maintenance Requirements

Entities must collect this information by September 30, 2017, and maintain it up-to-date, notifying changes to the Registrar of Ultimate Beneficial Owners. Access to the register is restricted to authorities involved in anti-money laundering activities, obliged entities, and individuals with a legitimate interest.

Confidentiality Protection for Beneficial Owners

Beneficial owners can apply to the Registrar for their personal details to be withheld from disclosure if they can demonstrate exceptional circumstances, such as exposure to risk or vulnerability. Failure to comply or providing false information is punishable by fine and imprisonment.

Gibraltar’s Commitment to Combating Money Laundering

The Gibraltar government has emphasized its commitment to combating money laundering and protecting the integrity of its financial services sector. The introduction of these regulations aligns with international best practice and reflects the country’s efforts to maintain a robust anti-money laundering framework.