The Financial Services Commission (FSC) has today issued a major revision to
the Anti-Money Laundering and Terrorist Financing Guidance Notes issued to the
financial sector.
The publication of the notes marks the end of a major revision to the systems
of controls required to be put into place in order to further strengthen the
mitigation of the risks of money laundering or terrorist financing taking effect
through the finance industry and takes on board the 3rd Money Laundering
Directive as well as recommendations made in the this year's IMF review.
The revised Notes have been produced after extensive consultation and
discussion with the finance industry and other stakeholders.
Commenting on the publication of the notes, the Chief Executive of the FSC
Marcus Killick stated:
"These revised requirements will further strengthen Gibraltar's already
world class systems of control to keep abreast of international best practice.
The engagement with industry in producing these revised requirements will ensure
a high level of acceptability and compliance which makes the regulator's job
much easier and the money launderer's that much more difficult."
Amongst the major revisions to come about as a result of these notes is a
move away from prescriptive, fixed requirements towards a process which is
commensurate with the risks that a particular customer or relationship poses to
the firm. This should result in easier process requirements for account
opening and the like whilst at the same time strengthening defences against real
money laundering or terrorist financing risks.
The revised guidance notes can be viewed on-line at
www.fsc.gi/amlgn.
The new requirements will come into effect on the 15th December to coincide
with the transposition date for the EU Directive.