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Financial Sanctions Compliance in Gibraltar: A Guidance Document

This guidance document provides answers to frequently asked questions related to financial sanctions compliance in Gibraltar. It covers various sectors and industries, including the financial sector, insurance sector, legal sector, import/export sector, and non-governmental organizations/non-profit organizations.

General Questions

Can an existing contract with a designated person be amended or extended?

• No

Can I employ a designated person?

• No

If I jointly own a business with a designated person, is the whole business subject to sanctions?

• Yes

If I jointly own a business with a designated person, can I sell my share?

• No

Financial Sector

The Gibraltar Financial Services Commission (GFSC) plays a key role in monitoring and enforcing financial sanctions compliance.

Can I close or transfer the accounts of a designated person?

• Yes

Can I credit payments from third parties to a frozen account?

• No

Can I apply interest to the account of a designated person?

• No

Insurance Sector

Insurers, reinsurers, and underwriters are responsible for sanctions compliance in an insurance chain.

If I provide pensions and related products to an employer, how can I comply with sanctions if I don’t know who the relevant employees are?

• Conduct due diligence on the employer’s employees.

What should I do if a person becomes designated after I’ve agreed to insure them?

• Terminate the insurance contract.

Legal Sector

The legal sector has specific requirements for financial sanctions compliance.

Can I provide legal advice or act for a designated person?

• No

How quickly must I apply for a licence?

• Immediately

Do I have to freeze the client’s money?

• Yes

Import/Export Sector

Compliance with financial sanctions is essential in the import/export sector, even if you have an export control licence.

If I have an export control licence, is that all I need?

• No, you must also comply with financial sanctions.

Does it make a difference if my goods are for humanitarian, medical, or diplomatic purposes?

• Yes, there may be exemptions.

Compliance for Non-Governmental Organizations/Non-Profit Organizations (e.g., Charities)

This guidance is produced by the Gibraltar Financial Intelligence Unit (GFIU) and outlines its understanding of obligations under financial sanctions. It covers the scope of compliance requirements for non-governmental organizations and non-profit organizations.

Overall, this document provides a comprehensive overview of financial sanctions compliance in Gibraltar, covering various sectors and industries.