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Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report 2011:
Gibraltar is an overseas territory of the United Kingdom (UK) and
has been part of the European Union since 1973. A November
2006 referendum resulted in constitutional reforms transferring
powers exercised by the UK government to Gibraltar. Gibraltar
has an international financial center which is small internationally,
but large in comparison to its domestic economy. The financial
services sector has strong ties to London, the Crown
Dependencies, Israel and other financial centers. Located at the
southern tip of the Iberian Peninsula, bordering Spain and near
the north coast of Africa, Gibraltar is adjacent to known drug
trafficking and human smuggling routes and is heavily policed on
land and at sea because of the risk of these activities occurring
within its borders or territorial waters.
Gibraltar is exposed to money launderers located in drug
producing centers in Morocco and drug consumption and
distribution networks in Spain. With the establishment of
organized criminal activities from Eastern Europe into southern
Spain, there is potential for launderers to use Gibraltar as a base
for money laundering. These risks are mitigated by the small
coastline and effective policing. Border controls between Gibraltar
and Spain also help deter potential money launderers wishing to
use Gibraltar for their activities.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: Not available
Legal persons covered: criminally: Not available civilly: Not
available
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks, mutual savings companies, insurance
companies, financial consultants, investment business, postal
services, exchange bureaus, attorneys, accountants, financial
regulatory agencies, unions, casinos, lotteries, charities, car
dealerships, yacht brokers, company formation agents, political
parties, real estate agents, notaries, and dealers in gold bullion
and high value goods
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Any person, whether or not they conduct
financial services business
Number of STRs received and time frame: 339 in 2009
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: One in 2010
Convictions: Not available
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Gibraltar has a comprehensive range of anti-money
laundering/countering the financing of terrorism (AML/CFT) laws.
The criminal laws on money laundering have been consolidated in
draft form, and powers presently available only in drug-related
money laundering cases are being extended to money laundering
cases involving the proceeds of other crimes. The Financial
Services Commission (FSC), a unified regulatory and supervisory
authority for financial services, notes the increasing sophistication
of money launderers and should continue to review regulatory
and supervisory practices to keep pace with new developments.
Gibraltar, as a UK overseas territory, cannot sign or ratify
international conventions in its own right. Rather, the UK is
responsible for Gibraltar’s international affairs and may arrange
for the ratification of any convention to be extended to Gibraltar.
The UN Convention against Transnational Organized Crime was
extended to Gibraltar in 2007. The 1988 Drug Convention, the
International Convention for the Suppression of the Financing of
Terrorism and the UN Convention against Corruption have not yet
been extended to Gibraltar.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report 2011:
Gibraltar is an overseas territory of the United Kingdom (UK) and
has been part of the European Union since 1973. A November
2006 referendum resulted in constitutional reforms transferring
powers exercised by the UK government to Gibraltar. Gibraltar
has an international financial center which is small internationally,
but large in comparison to its domestic economy. The financial
services sector has strong ties to London, the Crown
Dependencies, Israel and other financial centers. Located at the
southern tip of the Iberian Peninsula, bordering Spain and near
the north coast of Africa, Gibraltar is adjacent to known drug
trafficking and human smuggling routes and is heavily policed on
land and at sea because of the risk of these activities occurring
within its borders or territorial waters.
Gibraltar is exposed to money launderers located in drug
producing centers in Morocco and drug consumption and
distribution networks in Spain. With the establishment of
organized criminal activities from Eastern Europe into southern
Spain, there is potential for launderers to use Gibraltar as a base
for money laundering. These risks are mitigated by the small
coastline and effective policing. Border controls between Gibraltar
and Spain also help deter potential money launderers wishing to
use Gibraltar for their activities.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: Not available
Legal persons covered: criminally: Not available civilly: Not
available
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks, mutual savings companies, insurance
companies, financial consultants, investment business, postal
services, exchange bureaus, attorneys, accountants, financial
regulatory agencies, unions, casinos, lotteries, charities, car
dealerships, yacht brokers, company formation agents, political
parties, real estate agents, notaries, and dealers in gold bullion
and high value goods
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Any person, whether or not they conduct
financial services business
Number of STRs received and time frame: 339 in 2009
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: One in 2010
Convictions: Not available
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Gibraltar has a comprehensive range of anti-money
laundering/countering the financing of terrorism (AML/CFT) laws.
The criminal laws on money laundering have been consolidated in
draft form, and powers presently available only in drug-related
money laundering cases are being extended to money laundering
cases involving the proceeds of other crimes. The Financial
Services Commission (FSC), a unified regulatory and supervisory
authority for financial services, notes the increasing sophistication
of money launderers and should continue to review regulatory
and supervisory practices to keep pace with new developments.
Gibraltar, as a UK overseas territory, cannot sign or ratify
international conventions in its own right. Rather, the UK is
responsible for Gibraltar’s international affairs and may arrange
for the ratification of any convention to be extended to Gibraltar.
The UN Convention against Transnational Organized Crime was
extended to Gibraltar in 2007. The 1988 Drug Convention, the
International Convention for the Suppression of the Financing of
Terrorism and the UN Convention against Corruption have not yet
been extended to Gibraltar.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
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*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| GIBRALTAR |
| KnowYourCountry |
|
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| Last Updated: 16 April 2012 |