Rafael Gomez Agar

Gibraltarian Compliance Obligations Summary

The Gibraltar Compliance Manual serves as a comprehensive guide for practitioners navigating the complexities of Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Proliferation Financing (CPF) within Gibraltar. It encapsulates the international standards and local legislative framework, emphasizing the collective responsibility of government bodies, financial institutions, and various stakeholders in upholding the integrity of the financial system.

Stakeholders and Legislation

Key stakeholders in Gibraltar's AML/CFT/CPF regime include the government, the National Coordinator for AML/CFT/CPF, the Gibraltar Financial Intelligence Unit (GFIU), law enforcement agencies, and supervisory authorities. Compliance with legislation and guidance notes issued by these authorities is not optional; failure to comply can lead to severe regulatory and criminal consequences

Money Laundering and Terrorist Financing

The Prevention of Money Laundering Act (POCA) in Gibraltar outlines three primary offenses related to money laundering: the acquisition, use, or possession of criminal property; the concealment or disguise of criminal property; and the act of tipping off. Similarly, the Terrorism Act 2018 and the Prevention of Terrorism Act define terrorism and enumerate offenses related to terrorist financing, including the provision of funds for terrorist activities.

Gibraltar Financial Intelligence Unit (GFIU)

The GFIU plays a pivotal role in collecting and analyzing intelligence on criminal conduct, including money laundering and terrorist financing. It has the authority to exchange information with foreign financial intelligence units and access various data sources to fulfill its mandate.

Supervisory Authorities

Supervisory authorities in Gibraltar oversee the compliance of financial institutions and designated non-financial businesses and professions (DNFBPs) with AML/CFT/CPF regulations. They are responsible for monitoring transactions involving virtual assets and ensuring that regulated entities adhere to the legal requirements.

Compliance and Internal Controls

Senior management within regulated financial businesses must ensure adherence to AML/CFT laws, approve policies, and oversee relationships with high-risk individuals or entities. A compliance officer manages day-to-day compliance, while a money laundering reporting officer (MLRO) handles internal reports of suspicious activities. Training for staff, internal controls, and independent audits are also mandated to test the effectiveness of compliance policies.

Customer Due Diligence (CDD)

CDD measures are critical in preventing money laundering and terrorist financing. These measures include identifying customers and beneficial owners, understanding control structures, and documenting the nature