GIBRALTAR: Revised money laundering guidance notes

Designed to make life easier for the innocent individual whilst toughening up on terrorists and money launderers, revised anti-money-laundering guidance notes have come into effect in Gibraltar
The publication of the notes, issued to the financial sector, marks the end of a major revision of the systems of controls required in order to further strengthen the mitigation of the risks of money laundering or terrorist financing. It takes on board the 3rd Money Laundering Directive as well as recommendations made in this year’s IMF review.

The revised notes were produced after extensive consultation with the finance industry and other stakeholders. Commenting on the publication of the notes, the Chief Executive of Gibraltar’s Financial Services Commission (FSC) Marcus Killick stated, ‘These revised requirements will further strengthen Gibraltar’s already world-class systems of control to keep abreast of international best practice. The engagement with industry in producing these revised requirements will ensure a high level of acceptability and compliance which makes the regulator’s job much easier and the money launderer’s that much more difficult.’

Amongst the major revisions to come about as a result of these notes is a move away from rigid prescriptive, fixed requirements towards a process which is commensurate with the risks that a particular customer or relationship poses to the financial services firm.

The FSC say that this should result in easier process requirements for account opening and the like whilst at the same time strengthening defences against real money laundering or terrorist financing risks.

The revised guidance notes can be viewed on-line at www.fsc.gi/amlgn. The new requirements came into effect on December 15 to coincide with the transposition date for the EU Directive.

http://www.surinenglish.com/noticias.php?Noticia=11973