RGP officers attend anti-money laundering course in Korea

Two Royal Gibraltar Police officers attended an anti-money laundering course held in Busan in Korea.

Detective Chief Inspector Edgar Lopez and Detective Sergeant Mark Garratt from the Gibraltar Financial Intelligence Unit covered the Financial Action Task Force.

The five-day course was aimed at anti-money laundering and combatting financing of terrorism policies and operational practitioners.

The course provided attendees an overview of the Financial Action Task Force standards, and allowed for a better understanding of a risk-based approach and effectiveness.

DCI Lopez said: ““This course puts into better perspective the 40 Recommendations and 11 Immediate Outcomes so that AML/CFT policies and working practices can be developed further. The inclusion of practical exercises made it easier to improve understanding and was an excellent opportunity to network and learn from other jurisdictions’ experiences.”

The FATF is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.

The recommendations are recognised as the global anti-money laundering and combatting of financing terrorism standards and will be used by MONEYVAL’s evaluation of Gibraltar.

The FATF Training and Research Institute is based in Busan, Korea and aims to increase capacity of all countries to fully and effectively implement measures to protect the integrity of financial systems.