IMF Tests Gibraltar's Resistance To Money Laundering
A team of International Monetary Fund personel have reportedly arrived in Gibraltar
to conduct an investigation into the workings of the jurisdiction's financial
system. According to an online report by the Gibraltar daily Panorama, the ten-strong IMF team are
focusing their investigation on the banking and insurance sectors. The object of the review is to measure Gibraltar's laws against 49 principles
designed to protect financial centres against money laundering and terrorist
financing. The last such IMF investigation in Gibraltar took place five years ago. Gibraltar is thought to be one of the safer jurisdictions as far as money laundering
risks are concerned. As part of the European Union, Gibraltar is required to
implement all relevant EU directives, including those relating to anti-money
laundering. Gibraltar was also one of the first jurisdictions to introduce and implement
money laundering legislation that covered all crimes. Gibraltar's Financial Services Commission is responsible for regulating and
supervising Gibraltar’s financial services industry and it is required
by statute to match UK supervisory standards. Both onshore and offshore banks are subject to the same legal and supervisory
requirements. A comprehensive report in our Intelligence Report series examining offshore confidentiality is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp
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