A bill amending Gibraltar’s Criminal Justice Ordinance (1995) will adopt into local law a European directive designed to prevent money laundering in the financial system.
The provisions of the amendment will create an offence of failing to disclose information to the police where a person has knowledge that money laundering is taking place, and put in place a ‘good faith’ requirement if a disclosure is not to be treated as breach of confidentiality.
Another section of the amended legislation will widen the scope of ‘economic activities’ deemed to be ‘relevant financial businesses’ for the purposes of money laundering offences, although the provisions will be relaxed where a financial institution is already subject to the Money Laundering Directive or incorporated in a jurisdiction where equivalent measures are already in place.
Further exemption to certain identification requirements is also given to payments received from an account in a client’s name or from a credit institution bound by the provisions of the directive.
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