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Gibraltar: AML/CFT coordinator issues third AML/CFT assessment, urges businesses to make use of this assessment

The Office of Fair Trading ('OFT') announced, on 4 August 2020, that the National Coordinator for anti-money laundering and combating the financing of terrorism ('AML/CFT') has issued the latest National Risk Assessment ('the NRA') for AML/CFT in Gibraltar. In particular, the NRA identifies money laundering ('ML'), terrorist financing ('TF'), and proliferation financing ('PF') risks and vulnerabilities while concentrating on sectors including distributed ledger technology, gambling, auditing, as well as real estate. In addition, the OFT urged businesses to take into account the NRA in ensuring that their control systems can prevent, detect, and make the necessary disclosures to law enforcement agencies in relation to the occurrence of ML, TF, and PF or suspicion of the same.

You can read the announcement here, the NRA here, and an executive summary of the NRA here.