Co-ordinating Centre for
Criminal Intelligence & Drugs
|
The Gibraltar
Co-ordinating Centre for Criminal Intelligence & Drugs |
|
The Gibraltar
Financial Intelligence Unit |
The Gibraltar Financial Intelligence Unit (GFIU) which had been established in January 1996 to facilitate the receipt, analysis and dissemination of disclosures made by financial and other institutions in accordance with the Drug Trafficking Offences Ordinance 1995 and the Criminal Justice Ordinance 1995 was incorporated into GCID when the latter was established.
The GFIU ‘s main tasks are to receive, research and allocate intelligence arising from suspicious disclosures. It has a well established financial intelligence database. It seeks to establish and foster close liaison with the Money Laundering Reporting Officers (MLRO’s) in the respective disclosing institutions. It acknowledges receipt of disclosures promptly and provides feedback to the disclosing institution with regards to the disclosure. It seeks to develop financial intelligence training and education in respect of financial and other institutions as well as training of its own staff. It maintains strict confidentiality with regards to any information supplied by other institutions or persons.
|
|
What is
Money Laundering ? |
Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities. If undertaken successfully, it also allows them to maintain control over those proceeds and, ultimately, to provide legitimate cover for their source of income.
The Need to
|
combat Money Laundering
In recent years there has been a growing international recognition that it is essential to the fight against crime that criminals be prevented, whenever possible, from legitimising the proceeds of their activities by converting funds from "dirty" to "clean".
| The need to launder the proceeds of criminal activity through the financial system is vital to the success of criminal operations. Those involved have to exploit the world's financial institutions if they are to benefit from the proceeds of their activities. The increased integration of financial markets, and the removal of barriers to the free movement of capital, have enhanced the ease with which criminal money can be laundered and complicate the tracing process. Thus Gibraltar, as a financial centre, has an important role to play in combating money laundering. Financial institutions and intermediaries which become involved in money laundering risk prosecution and the loss of their good market reputation. |
For further details on money laundering and what Gibraltar Law requires in respect of obligations to report suspicious transactions, please refer to the Money Laundering Guidance Notes issued by the Financial Services Commission.
 |
 |
 |
 |