< Back News

HMGoG launches the Gibraltar Recovered Assets Fund in support of the RGP and HM Customs in our fight against economic crime – 184/2023

By March 29, 2023 No Comments

His Majesty’s Government of Gibraltar (HMGOG) is pleased to announce the establishment of a new special fund called the Gibraltar Recovered Assets Fund. This dedicated fund is designed to collect and manage recovered assets under economic crime legislation, with the goal of supporting and bolstering the efforts of the RGP and HM Customs to combat economic crime.

The Gibraltar Recovered Assets Fund will play a critical role in strengthening the ongoing fight against economic crime in Gibraltar. It will serve as a valuable resource to support and fund specialist training and development, and enhance the capabilities of the Royal Gibraltar Police and HM Customs. The fund will be administered by the Financial Secretary.

The Hon Fabian Picardo KC MP, Chief Minister of Gibraltar, said: “The establishment of the Gibraltar Recovered Assets Fund marks an important milestone in our ongoing commitment to ensure transparency, integrity, and the rule of law in Gibraltar. By reinvesting the proceeds of crime into the fight against economic crime, we send a strong message that Gibraltar is not a safe haven for criminals and their illicit gains and stand with our law enforcement agencies as they work to bring them to justice.”

The Hon Albert Isola MP, Minister for Digital and Financial Services, said: “This initiative further underscores Gibraltar’s commitment to uphold the highest international standards in anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. We are incredibly proud of the continuous efforts that are deployed by the RGP and HM Customs in tackling economic crime. The creation of this special fund is testament to our determination to meet these important objectives.”