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Gibraltar Updates Guidance on Identifying and Reporting Financial Sanctions Matches

Gibraltar’s competent authority has issued new guidance on identifying and reporting matches with individuals or entities listed on the consolidated list of financial sanctions targets.

Importance of Careful Evaluation

The guidance highlights the importance of carefully evaluating name matches to determine whether they are a “target match” - i.e., a match that confirms an individual or entity is subject to financial sanctions. The competent authority provides examples of how to assess name matches, including instances where there may be a close match but not necessarily a target match.

Steps to Take with Frozen Assets

The guidance also outlines the steps individuals and businesses must take if they are in possession or control of funds or economic resources belonging to a designated person. This includes:

• Freezing the assets immediately
• Reporting them to the competent authority
• Obtaining an exemption or licence before dealing with them
• Being aware of other financial restrictions that may be included in financial sanctions regimes

Key Takeaways

• Carefully evaluate name matches to determine whether they are a target match
• If a target match is identified, freeze the assets immediately and report them to the competent authority
• Obtain an exemption or licence before dealing with frozen assets
• Be aware of other financial restrictions that may be included in financial sanctions regimes

Full Guidance Available

The full guidance on identifying and reporting financial sanctions matches can be found on the Gibraltar Government website.

Contact Us

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