22nd June 2018
A gambling firm which failed to conduct important anti-money laundering checks on a customer whose deposits eventually reached £750,000 has been fined £2 million by the Gambling Commission. The watchdog said 32Red should have reviewed the customer’s account for source of wealth and other checks in 2016, but ‘because of… Read More
13th February 2018
Gibraltar has started working on what it says are the world’s first rules for initial coin offerings, following feedback on a consultation on digital assets. A bill is expected to be considered by Parliament in the second quarter of this year. The British overseas territory has already introduced a… Read More
18th May 2017
The Gibraltar Financial Services Commission (GFSC) is targeting financial crime in a new initiative. A new Financial Crime team has been established by Annette Perales as part of its partnership with European anti-money-laundering programme Moneyval. The team, headed by Annette Perales, has been sent up ahead of an evaluation by… Read More
24th October 2016
Three Kent men including accountant Aquil Ahmed have been jailed after a two-and-a-half year payroll fraud that saw them steal £6.9m of UK taxes Ahmed, 60, conspired with construction services director Victor Shearer, 43, and payroll administrator Christopher Azzopardi, 37, to take VAT, Income Tax, National Insurance Contributions and Construction… Read More
15th June 2016
Gambling operator Petfre (Gibraltar) Ltd., trading as Betfred, has agreed to pay the amount of £800,000 to compensate for poor anti-money laundering and responsible gambling policies and to contribute to socially responsible causes as part of a settlement with the UK Gambling Commission, after the gaming company’s license had been reviewed by the gambling regulator. Read More
27th April 2016
The Gibraltar Financial Services Commission has today published a suite of documents detailing developments in its regulatory approach as well as its business plan and outlook for the next 12 months. Read More
Must Read

Key points in the draft EU-UK Brexit deal

AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More

Danske money laundering scandal is ‘tip of iceberg’, whistleblower’s lawyer says

Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More