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Gibraltar Regulator To Improve AML, CTF Oversight

by Amanda Banks, Lowtax.net, London
27 March, 2017

The Gibraltar Financial Services Commission has made structural changes to better deliver on its international obligations and strengthen supervision more generally.

A dedicated Financial Crime team has been created to align the work of the Commission with regulators in other jurisdictions, and to enable the Commission to better meet international supervisory standards.

A new financial crime risk methodology will be developed by the Commission to ensure it is focused and separately accounts for money laundering and terrorist financing threats.

The Commission will also carry out targeted data collection from regulated firms to develop risk assessment processes, increase engagement with firms, and roll out an enhanced Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervision program.

The changes are being introduced in anticipation of the forthcoming Council of Europe "MONEYVAL" AML/CTF compliance assessment, which will take place in 2018. The Commission said the MONEYVAL assessment will be an important catalyst for the work that needs to be done to refine its approach to the assessment and management of AML/CFT risks.


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