Regulator marks out new approach to financial crime
The Gibraltar Financial Services Commission has fixed a spotlight on financial crime ahead of an expert international evaluation next year.
The evaluation by Moneyval, a monitoring body of the Council of Europe, will look into money laundering and terrorist financing risks, and how these are regulated, monitored and dealt with locally.
Ahead of the assessment, which will place Gibraltar under a microscope, the GFSC has implemented a number of structural changes to further strengthen its oversight in this area.
The creation of the Financial Crime team headed by Annette Perales, the GFSC’s first Head of Financial Crime, has been one of the steps towards ensuring standards are met for the Moneyval evaluation next year.
Mrs Perales, Technical Expert Neill Perera, Risk Manager Nicky Gomez and Director of Strategy and Planning, Heidi Bocarisa, discussed how the team will prepare for the upcoming assessment.
“Historically we have looked at financial crime as part of our supervisory approach, but what has changed recently is that we are now focusing on it in a different way and focusing on it separately from our other supervisory risk assessments,” said Ms Bocarisa.
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