The Spanish authorities say there is scant cooperation coming from the Rock in money laundering investigations.
Spain is to ask that Gibraltar be placed back on the black list of financial havens, with the Spanish tax authority, Hacienda, considering that the Rock is not cooperating in the fight against money laundering.
Spain is to ask the OECD, the Organisation for Economic Cooperation and Development, to list Gibraltar as ‘uncooperative’, with a Hacienda spokesman saying that no advances have been made in collaboration over fiscal and tax matters, and that Gibraltar remains opaque, inaccessible and impenetrable.
El País carries a two page report today, Sunday, saying that the information received by the Agencia Tributaria is ‘scant and hardly useful’. For example, the Spanish Government claims that Gibraltar is not helping at all in the Ballena Blanca operation against money laundering based in nearby Marbella.
Hacienda says that other territories, such as Jersey, those based in the Caribbean and even Andorra, are supplying greater information to them in the fight against money laundering.
There are 28,000 active companies on the rock, in addition to an unknown number of foundations and trusts. 115 lawyers and 28 lawyers offices are based there, engaged, according to El País, in activities which are outside the control of the financial authorities. 19 banks and 10 branches of international banks have offices on the 6.5 square kilometres of the peñon.
The newspaper says the Gibraltar Government, led by First Minister, Peter Caruana, has declined to comment on a set of questions sent to him by the paper. Other bodies such as the FSC, Financial Services Commission, or the Gibraltar Financial Intelligence Unit, both referred the paper to ask the Government spokesman.
Meanwhile over the border on the Costa del Sol the whole subject of money laundering and the activities of the UDYCO specialist National Police unit has been highlighted in the news following the arrest of the four police chiefs from the unit who have been accused of corrupt activity themselves. Two of the four were remanded to prison without bail on Friday.
http://www.amlosphere.com/europe/legislation/spain-wants-gibraltar-to-be-placed-on-oecd-black-list.html
Showing posts with label Gibraltar. Show all posts
Showing posts with label Gibraltar. Show all posts
on Friday, May 4, 2012
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
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
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