In the complex world of financial crime prevention, understanding distinctions between Money Laundering and Terrorist Financing is essential. Join us for an enlightening training session that delves into the intricacies of these two illicit activities, exploring their similarities and differences. Money Laundering, often associated with organized crime and corruption, is the process of disguising the origins of illicitly obtained funds. On the other hand, terrorist financing involves channel...

The Internal Capital Adequacy and Risk Assessment (ICARA) represents the new regulatory centrepiece of the prudential regime for investment firms. ICARA processes should be fully embedded by now, but many firms are still working on their first ICARA document and are understandably seeking guidance and reassurance that their work meets regulatory standards. The IFPR prescribes prudential standards that are broadly similar to the previous regime but has also introduced new concepts and methodo...

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In accordance with clauses 8.3, 9.5 and 16.1 of the Constitution, notice is hereby given that the Annual General Meeting will be held at 12.00hours on Tuesday 27th June 2023 online via GoToMeeting Application. Bookings - click here AGENDA 1. Approval of the minutes of the 2022 Annual General Meeting held on 22nd  June 20222. Chairperson’s Report3. Treasurer’s Report4. Training Committee Report5. Ratification of Executive Committee Actions6. Election of Executive Committee for calendar year...

According to the Organisation for Economic Co-operation and Development (OECD), money laundering through real estate is one of the oldest known ways to move and hide illicit funds. Property companies need robust AML compliance policies and real estate professionals need regular up-to-date training. We all have read in the press that several local Real Estate Agents have recently been fined for non-compliance with the local AML regulation. This clearly highlights the need for a thorough AML/C...

A report from the ACFE (Association of Certified Fraud Examiners) shows that a company loses at least 5% of its annual income as a result of internal fraud. Moreover, 23% of the fraud committed by employees involves a loss of at least € 850,000. Internal fraud can therefore cause a great deal of damage to your company. Internal controls and clear procedures undoubtedly limit the risk of internal fraud, but these systems are not always able to cope with employee conspiracy. Bookings - click ...

Save the Date: The Gibraltar Financial Intelligence Unit will be hosting a Project Nexus event on Thu 18th May at 1400hrs at the University of Gibraltar. Don’t miss out on the chance to hear from law enforcement experts on counter terrorist financing. You will gain valuable insights in the latest trends and typologies. More details will follow soon! Sign up for FREE! Book Now - Click here

As reported by the UN, environmental crimes, are among some of the most profitable and easy forms of criminal activity, are continuously rising by 5-7 % annually representing likely the fourth largest criminal area in the world.  According to FATF, environmental crimes is generating around USD 110 to 281 billion in criminal gains each year.  In this session, the Gibraltar Compliance Association will join Hassan Zebdeh, Eastnets’ Financial Crime Advisor, to provide key insights on the latest d...

GACO is happy to announce its upcoming MLRO Masterclass. Money Laundering Reporting Officers (MLROs) act as the focal point within regulated entities for the oversight of all activity relating to anti-money laundering, counter terrorism and counter proliferation financing (AML/CTF/CPF). Therefore, MLROs need to be equipped with sufficient expertise and knowledge to fulfil their legal obligations. In a current rapidly evolving regulatory landscape, it is crucial for MLROs to continuously stay...

The workshops will focus on the importance of strengthening Crisis prevention training and Safer Gambling, knowledge. In the last year, multiple operators have received hefty fines, license suspension and additional license conditions due to failures in Social Responsibility (SR) and AML. Key issues raised by the regulators included the shortcomings in customer interactions and lack of information regarding affordability and vulnerability. Bookings - Click Here Regulators expect operators...

The FCA’s Consumer Duty represents what the UK regulator terms a “paradigm shift” in its expectations of firms. The Duty introduces a new Consumer Principle, which requires firms conducting regulated activities in the UK “to act to deliver good outcomes for retail customers”. It is relevant to all firms (including those in Gibraltar) who distribute or manufacture products and/or services to retail customers in the UK. The wide-ranging rules require firms to put consumers at the heart of thei...

Gatenox CEO, Pawel Kuskowski invited Carlos M. Martins, Chief Compliance Officer and MLRO of ZUBR and Chairman of GACO (Gibraltar Association of Compliance Officers) to talk about the crypto regulatory environment in Gibraltar. Carlos discussed how Gibraltar implements a principle-based environment where companies are the ones who need to evidence how their policies, processes and procedures are complying with the regulation and how there are various pre-selectio...

Environment, social and governance (ESG) reporting: It’s new, it’s evolving and it’s all over the place. As it stands, comparability between ESG reports is low and the investors’ demand for consistency is high. While most current frameworks are voluntary, they won’t be for long. Reform, global standardization and mandatory disclosure is only a matter of time. The time has come to get prepared for ESG reporting. Let’s explore the biggest obstacles to producing ESG reports so you can start add...

Last night 7th of December 2022 the Gibraltar Association of Compliance Officers held a successful and enjoyable Gin Tasting event for its members at the Garrison Library in Gibraltar. A unique setting in the heart of town. The event gathered Gibraltar Compliance professionals for a delightful gin experience brought and presented by “Spirit of the Rock” Gibraltar, where we had the pleasure of learning the history about gin and taste some of their locally produced gins by the expert hands of ...

The Gibraltar Association of Compliance Officers would like to have the pleasure of your company for a evening full of Gin on the 7th of December at the Garrison Library in Gibraltar. RSVP to reserve your space - click here. Limited to 60 attendees.