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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