Financial Sanctions Workshop

Financial Sanctions Workshop FEBRUARY 25, 2020 The Gibraltar Financial Intelligence Unit has partnered with HM Treasury’s Office of Financial Sanctions Implementation and the Foreign and Commonwealth Office to provide a Financial Sanctions training workshop. It comes as part of the remediation programme currently in place

by HMGoG to address Moneyval’s Recommended Actions and aims to strengthen Gibraltar’s financial sanctions implementation systems and processes.

This two-day interactive workshop is designed to build capacity, increase awareness and collaboration among all the stakeholders who deal with financial sanctions either directly or indirectly. These stakeholders include members of the Government Law Office, Royal Gibraltar Police, HM Customs, Office of Fair Trading, Gibraltar Financial Services Commission, Gambling Division and the GFIU. Superintendent Edgar Lopez who is currently seconded to the GFIU said, “This training workshop will provide participants with a better understanding of financial sanctions and a valuable insight into processes and procedures. We are very grateful that OFSI and FCO have provided their technical assistance and experience to deliver this type of specialist training.”

Financial sanctions are legal restrictions put in place by the UN, EU, UK or Gibraltar in appropriate cases to achieve specific policy or security objectives. Sanctions have been implemented effectively in Gibraltar for many years. However, among other new features, the Sanctions Act 2019 provides for the automatic recognition and enforcement of UN, EU and UK sanctions. The Sanctions Act 2019 and the Terrorist-Asset Freezing Regulations 2011 also provide for separate Gibraltar sanctions designations to be made by the relevant competent authorities in Gibraltar if necessary.