Gibraltar Supreme Court Orders Confiscation of £2 Million in Assets from Serra Family

Money-Laundering Investigation Results in Seizure of Serra Family Assets

A Gibraltar family, the Serra’s, had around £2 million worth of assets seized by the Royal Gibraltar Police (RGP) following a money-laundering investigation. The assets were taken as part of a civil confiscation order granted by the Gibraltar Supreme Court last Friday, 30 June.

Probe into Suspected Money-Laundering Activities

The RGP’s investigation began in 2020 when Spanish law enforcement shared intelligence with local authorities regarding suspected money-laundering activities by Clint Serra. During the probe, it was discovered that various assets in Gibraltar, linked to members of Mr. Serra’s close family, were believed to have been acquired using proceeds from drug trafficking.

Identifying and Targeting Assets Obtained from Illegal Activities

The RGP’s Money Laundering Investigation Unit took the lead on the case, and with powers from the Proceeds of Crime Act (POCA), they successfully identified and targeted the assets obtained from the illegal activities.

Assets to be Confiscated by the Crown

In the court hearing, the Chief Justice ordered that three commercial units in Watergardens, accrued rental payments, a property in Catalan Bay, and a taxi license be confiscated by the Crown.

Appointment of Receiver and Establishment of Recovered Asset Fund

A receiver has since been appointed, and these real estate properties will now be sold. The proceeds from the sale will be placed into a newly established Gibraltar Recovered Asset Fund.

The Gibraltar Recovered Asset Fund

The fund, developed to support the Gibraltar Police Force’s ongoing efforts against economic crime, is expected to recover significant losses for the family, believed to exceed £2 million.

RGP’s Commitment to Utilizing Civil Powers

A representative for the RGP commented, expressing their commitment to utilizing civil powers under the Proceeds of Crime Act to seize assets from suspected criminals, regardless of whether criminal charges can be proven or not. Also, the representative emphasized that the ownership of the assets being investigated does not exempt them from being targeted for investigation.

Conclusion

This case illustrates the RGP’s proactive approach in utilizing the civil powers granted under the Proceeds of Crime Act to seize and confiscate assets suspected to have been acquired through illegal activities. The recovered funds will contribute to the Gibraltar Recovered Asset Fund, which supports the ongoing efforts against economic crime in Gibraltar.