Gibraltar Shuts Down Illicit Money Dealers

by Jason Gorringe, Tax-News.com, London

14 June 2011

Backed by the Gibraltar Police, the Financial Services Commission has carried out a targeted crackdown on retail outlets undertaking unlicensed Bureau de Change business, leading to several arrests, it has been announced. The Commission said the closure of the illicit dealers would reinforce the jurisdiction's safeguards against money laundering.

In the investigation, nine premises were searched and seventeen persons were arrested on suspicion of having committed offences under the Financial Services (Investment and Fiduciary Services) Act 1989.

Commenting on the operation, the FSC Chief Executive, Marcus Killick, stated:

“Unlicensed bureaux are not only in breach of the criminal law itself but also represent a risk to the reputation of Gibraltar as they are highly vulnerable to being used by those engaged in money laundering. Whilst licensed bureaux are subject to anti-money laundering obligations and are supervised by the FSC, no such controls exist in respect of unlicensed operators. We are deeply appreciative of the work of the [police] in heading up the operational aspect of [June 10's] events."

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