Yvonne Chu and I recently contributed to Thomson Reuters’ Regulatory Intelligence Desktop providing an anti-money laundering (“AML”) Country Update for Gibraltar. 

The global resource provides in-depth guidance to businesses in relation to the complexities and challenges of the regulatory environment. Our AML update, along with highlighting forthcoming issues and upcoming legislation (as well as the stance which Gibraltar may decide to take in the future) specifically focuses on: 

  • Gibraltar’s current legal position with regard to the laws of the European Union (“EU”) following Gibraltar’s formal departure from the EU on the 31st January 2020.

  • Gibraltar’s risk rating and level of compliance with the FATF 40 Recommendations.

  • Key EU Directives and setting out Gibraltar’s domestic legislative framework.

  • A non-exhaustive list of the regulators and monitoring authorities, who they are and an overview of their functions.

  • Know Your Client (“KYC”) requirements, which include Customer Due Diligence (“CDD”) measures and the need to identify Ultimate Beneficial Owners (“UBOs”),
     
  • The importance of maintaining appropriate and risk-sensitive policies, controls and procedures.
     
  • Primary offences (and other related offences) under Gibraltar’s Proceeds of Crime Act 2015 and discuss Gibraltar’s position on the implementation of sanctions.

Whilst the full Regulatory Intelligence resource is only available on a subscription basis (click here if interested), we have permission to share the Gibraltar section here for those interested. 

Should you require further information or have any questions, please do not hesitate to contact us.