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Annual Report and Strategic Analysis 2021 – 358/Annual Report and Strategic Analysis 2021 – 358/2022

By May 23, 2022 No Comments

The Gibraltar Financial Intelligence Unit (GFIU), recently published its annual report. The report also includes strategic analysis which covers the period 2019-2021.

The annual report focuses on the GFIU’s work and performance during 2021. It has seen an increase of 67% of disclosures received and a wider scope of work that includes other specialisations such as proliferation financing, targeted financial sanctions and grand corruption.

The GFIU has conducted strategic analysis on the data it holds which is a valuable tool that provides the GFIU and stakeholders with a detailed overview of the money laundering, terrorist financing and proliferation financing related trends and patterns relevant to Gibraltar.

The results of the analysis showed that the top three reporting sectors are Gaming, Distributed Ledger Technology and e-Money. The Gaming Sector now represent 83% of SARs received in 2021. Although this represents a doubling in the percentage of SARs received, the number of SARs has more than tripled compared to 2020. It also highlights that money laundering and fraud continue to be the highest suspected criminalities.

The GFIU’s Director, Edgar Lopez, said: “I am very pleased with the GFIU’s performance during 2021, which despite another challenging year, highlights how we remain on course to achieve our strategic objectives. We have focused on our outreach program and made significant improvements to our IT system. We have also set the foundations for a Gibraltar Public-Private Partnership that we have established. Our team has been outstanding, dealing with a huge increase in work and I am grateful for their dedication and commitment.”

The Minister for Justice, Samantha Sacramento MP, said: “Once again the GFIU has demonstrated its commitment in fighting economic crime and I am delighted to see the achievements made in 2021. The GFIU’s IT capabilities are fundamental not only for its staff but also for the wider private sector that report to the GFIU. Therefore, the Government is very pleased with the investment it has made in supporting the development of its IT systems and analytical tools.”

The GFIU was established in January 1996 to facilitate the receipt, analysis and dissemination of suspicious transaction reports or suspicious activity reports made by financial and other institutions.

GFIU Annual Report & Strategic Analysis 2021.pdf is available for download.