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Govt launches ‘Recovered Assets Fund’ to bolster fight against economic crime

Photo by Eyleen Gomez

The Gibraltar Government has announced the creation of a new special fund in support of the fight against economic crime.

The Gibraltar Recovered Assets Fund is designed to collect and manage recovered assets under economic crime legislation, with the goal of supporting and bolstering the efforts of the Royal Gibraltar Police and HM Customs to combat this type of illicit activity.

The Gibraltar Recovered Assets Fund “will play a critical role in strengthening” Gibraltar’s efforts in this area, No.6 Convent Place said in a statement.

“It will serve as a valuable resource to support and fund specialist training and development, and enhance the capabilities of the Royal Gibraltar Police and HM Customs.”

The fund will be administered by the Financial Secretary.

"The establishment of the Gibraltar Recovered Assets Fund marks an important milestone in our ongoing commitment to ensure transparency, integrity, and the rule of law in Gibraltar,” said Chief Minister Fabian Picardo.

“By reinvesting the proceeds of crime into the fight against economic crime, we send a strong message that Gibraltar is not a safe haven for criminals and their illicit gains and stand with our law enforcement agencies as they work to bring them to justice."

Albert Isola, the Minister for Digital and Financial Services, added: “This initiative further underscores Gibraltar's commitment to uphold the highest international standards in anti-money laundering (AML) and counter-terrorism financing (CTF) efforts.”

“We are incredibly proud of the continuous efforts that are deployed by the RGP and HM Customs in tackling economic crime.”

“The creation of this special fund is testament to our determination to meet these important objectives.”

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