International: MONEYVAL publishes report on Gibraltar's AML/CFT system
The Council of Europe Expert Committee on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism ('MONEYVAL') published, on 12 February 2020, its fifth mutual evaluation report ('the Report') on Gibraltar's anti-money laundering and counter-terrorism financing ('AML/CFT') system. In particular, the Report outlines that the Financial Intelligence Unit ('the FIU') has increased its capacity and has extended cooperation with the law enforcement and supervisory authorities, concluding that the FIU's analytical products were used only to a limited extent and therefore did not have a significant impact upon developing investigations into money laundering and predicate offences. Moreover, the Report finds that Gibraltar improved its legal framework, providing a solid basis for authorities to detect, investigate, and prosecute money laundering and financing of terrorism.
In addition, the Report states that Gibraltar did not carry out effective investigations and prosecutions of money laundering ('ML') offences and that there were no successful third-party and stand-alone ML prosecutions or convictions, which would not appear to be in line with Gibrlatar's risk profile. Finally, the Report states that fundamental improvements would also be needed with regard to the confiscation of proceeds of crime from ML and associated predicate offences.