Financial Crime World

Financial Crime Plagues Gibraltar, Says Top Detective

Gibraltar’s Money Laundering Investigation Unit (MLIU) has made significant progress in combating financial crimes since its establishment in 2016. The unit has seized over £2 million in cash and luxury items from organized crime groups, but what drives these skilled detectives to tackle this complex issue? According to Detective Chief Inspector Tunbridge, head of the Economic Crime Unit (ECU), it’s a battle against money laundering that requires proactive policing.

The Battle Against Money Laundering

“We’re not just fighting drug dealers, we’re fighting organized crime at its heart,” says DCI Tunbridge. “Money laundering will happen wherever there is criminal activity.” The ECU works closely with the Fraud Squad to track down and recover ill-gotten gains.

Gibraltar’s National Risk Assessment

Gibraltar’s National Risk Assessment has identified foreign organized crime gangs as a top risk for money laundering. DCI Tunbridge explains that money laundering is not just about cash or assets, but also about those who help criminals keep their illicit wealth.

Investigating Intelligence

The MLIU investigates intelligence from law enforcement agencies in other jurisdictions and local agencies like the Gibraltar Financial Intelligence Unit. “We need to investigate intelligence from all sources to build a strong case,” says DCI Tunbridge.

Challenges Faced by the ECU

The ECU faces challenges in its fight against financial crime, including complex cases that often take years to complete. “You need a certain type of character to sit there day in and day out doing the same thing,” DCI Tunbridge says. Additionally, Brexit has created challenges in gathering evidence across borders, making requests for information take longer.

The Importance of Cross-Border Cooperation

Cross-border cooperation is crucial in tackling money laundering. The ECU works closely with Spanish authorities to share intelligence and track down criminals. “We need to work together to bring these criminals to justice,” says DCI Tunbridge.

Building a Stronger ECU

Despite the challenges, DCI Tunbridge remains committed to building a stronger ECU with more resources and expertise. “We need more investment to bring in dedicated legal counsel, data analysts, and accountants,” he says. Until then, the ECU will continue to fight organized crime where it hurts the most – by seizing their money and assets.

Key Points

  • The MLIU has seized over £2 million in cash and luxury items from organized crime groups since 2016.
  • Money laundering is a complex issue that requires proactive policing and cross-border cooperation.
  • The ECU faces challenges in its fight against financial crime, including complex cases and Brexit-related issues.
  • Building a stronger ECU with more resources and expertise is crucial in tackling money laundering.