The Gibraltar Financial Intelligence Unit (GFIU), has recently published its first Annual Report. The report also includes Strategic Analysis which covers the period 2018-2020.
The annual report has been published together with a Sectoral Typologies Report which provides a detailed analysis of the suspicious activity reports received by the GFIU covering a three-year period. Typologies refers to the techniques, methods and trends used by criminals to launder money or finance terrorism. The document highlights the key red flags and indicators associated with the suspected crimes being disclosed by reporting entities.
Both reports complement each other and will provide Gibraltar’s finance centre with an overview of what typologies are being identified as suspicious activity. The data will contribute to future National Risk Assessments and assist in developing strategies to combat these threats.
The analysis conducted highlights that the top three reporting sectors are from Gaming, Distributed Ledger Technology and e-Money. It also highlights that Money Laundering and Fraud continue to be the highest suspected criminalities. Although there has been a slight reduction in the disclosures made to the GFIU from certain sectors, the quality of the disclosures has improved. This may be attributed to the GFIU’s outreach and engagement program, Project Nexus, and the digitalisation of the reporting process.
The GFIU’s Director, Edgar Lopez, said: “2020 has been a challenging year for all, but the remediation program to resolve Moneyval’s recommended actions published in Gibraltar’s Mutual Evaluation Report has still gone ahead. During this period, the GFIU has managed to restructure itself and made a number of significant achievements despite the impact of COVID-19. I am very grateful for the support that I have received and the team effort behind this.”
The Minister for Justice, the Hon Samantha Sacramento MP, said: “I am delighted with the work that has been conducted by the GFIU in 2020 and its achievements in the last 12 months are an important step towards addressing Moneyval’s recommended actions. The report also highlights the Government’s commitment to ensure that we comply with our international obligations.”
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. In the last few years, the GFIU has taken on new responsibilities in relation to proliferation financing and targeted financial sanctions.
The reports can be accessed via their website on www.gfiu.gov.gi/publications.