Our Approach to Financial Crime

It is the GFSC’s objective to prevent financial crime, therefore we are committed to meeting International standards on Anti Money Laundering and Combating the Financing of Terrorism. As the regulator of the financial services sector, we play a key role in Gibraltar’s overall approach to combating money laundering (ML) and terrorist financing (TF). To achieve this we apply a risk based supervisory approach to ML/TF risks to ensure that our supervision is focused, driven and separately accountable specific to the ML/TF threats.

Financial Crime is defined as activities that dishonestly generate wealth for those engaged in a criminal conduct, or activities that protect the proceeds of illicit activities. This includes money laundering, terrorist financing, bribery, corruption, fraud and market abuse. The primary objective of the Financial Crime supervisory team is the reduction of financial crime. This will be achieved by:

  • Enhancing the GFSC’s risk based supervisory framework for the ongoing supervision of money laundering and terrorist financing risk associated to the financial services industry.
  • Establishing a risk based supervisory framework for the ongoing supervision of financial crime risks to include bribery, fraud, etc.
  • Carrying out initial investigations of potential enforcement cases relating to financial crime, and support enforcement on any cases that involve financial crime.
  • Supervising firms and investigating potential breaches with respect to market abuse.
  • Establishing appropriate procedures for the dissemination of information relating to financial crime risks, market trends, international standards, expectations, etc.
  • Maintaining responsibility for the assessment of suspicious activity reports, raised internally and received from the Gibraltar Financial Intelligence Unit

The Financial Crime supervisory approach will assess firms compliance with AML/CFT requirements under the Proceeds of Crime Act, and will scrutinise the firms systems of controls and their effectiveness in identifying and mitigating financial crime.

The GFSC expects firms to:

  • Articulate an effective and proportionate risk based methodology, the rationale for such, and evidence the effectiveness of it
  • Apply a risk based approach in line with their risk appetite and tolerance.
  • Understand the risks associated to their type of activity
  • Employ and train staff to hold the skills and knowledge required to fulfil their functions
  • Implement a robust procedures for the disclosure of suspicious activity
  • Document its policies and procedures 

Legislation

Proceeds of Crime Act 2015Download
Proceeds of Crime Act 2015 (Transfer of Virtual Assets) Regulations 2021Download
Supervisory Bodies (Powers Etc.) Regulations 2017Download

Proceeds of Crime Act 2015 (Relevant Financial Business) (Registration) Regulations 2021Download
Notice of Specified FeesDownload
Commission Delegated Regulation 2016/1675 on high risk countriesDownload

Sanctions Act 2019Download
Terrorism Act 2018Download
Counter Terrorism Act 2010Download

Guidance

AML/CFT Guidance Note v8.0Download
Proliferation Financing Guidance NoteDownload
Financial Crime Return Guidance NoteDownload
Guidance Note - Counter Terrorism ActDownload

Forms

MLRO Annual ReportDownload
Compliance Report v6.0 Download
Auditors SupplementDownload

Eligible Introducer Certificate (F1)Download

 

Workshops

As part of the GFSC’s continued engagement with regulated entities, we have developed a series of online workshops covering a selection of AML/CFT technical requirements applicable to the financial services industry. These workshops are based on the legislative and regulatory requirements set out in the Proceeds of Crime Act 2015, and the GFSC’s AML/CFT Guidance Notes.

The workshops cover requirements relating to the following:

  •          Beneficial owners;
  •          Reliance on third parties;
  •          PEPs;
  •          Sanctions;
  •          Record keeping;
  •          Training;
  •          Branches, subsidiaries & groups;
  •          Responsibilities of key individuals; and
  •          Ongoing monitoring and regtech.

The online workshops are accessible using the following link : AML CFT Online Workshop

The contents of these online workshops do not constitute legal advice and are provided for general information purposes only. If you are unsure of your obligations in a given case, we recommend that you take legal advice. The GFSC accepts no responsibility for any information contained within these workshops and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

These online workshops are not designed to replace money laundering/terrorist financing courses or other qualifications and consequently do not absolve relevant financial businesses of their legal obligations under the Proceeds of Crimes Act 2015 to take appropriate measures for the delivery of training to all staff.

If you have any questions or wish to provide feedback, feel free to contact us at +250 200 40283 or amlcft@fsc.gi.

Presentations

Presenting the revised AML/CFT Guidance NotesDownload
The revised AML/CFT Guidance NotesDownload
The FSC's approach to AML/CFT ComplianceDownload

Anti Money Laundering-Police ConferenceDownload

Slides - March 2017 MONEYVAL PresentationDownload
Slides - September 2017 Financial Crime updateDownload
Slides - May 2018 TCSP Thematic ReviewDownload

National Coordinator for Anti-Money Laundering and the Combatting of Terrorist Financing

NCO Newsletter Legislative Changes March 2021Download
NCO Newsletter Legislative Amendments February 2021Download
National Risk Assessment 2020Download
National Risk Assessment 2020 – Executive Summary  Download
5MLD NewsletterDownload
Newsletter - Sanctions Act 2019Download
Newsletter - Terrorism Act 2018Download
National Risk Assessment 2018Download
National Risk Assessment 2016Download
4MLD and amendments to POCADownload
NPOs and the risk of abuse from terrorist fundingDownload

FATF-Country Risk

Country Risk Update - June 2018

Public Statement 

On-going Process

Country Risk Update - October 2018

Public Statement

On-going Process

Country Risk Update - February 2019

Public Statement

On-going Process 

Country Risk Update - June 2019

Public Statement

On-going Process

Country Risk Update - October 2019

Public Statement

On-going Process

Country Risk Update - February 2020

Public Statement

Increased Monitoring

Country Risk Update - June 2020

Public Statement

Increased Monitoring 

Country Risk Update - October 2020

Public Statement 

Increased Monitoring

Country Risk Update - February 2021

Public Statement 

Increased Monitoring

Country Risk Update - June 2021

Public Statement 

Increased Monitoring

Other

2013 Dear CEO Letter on systems of controls to prevent financial crimeDownload