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| Gibraltar Shuts Down Illicit Money Dealers |
by Jason Gorringe, Tax-News.com, London
Tuesday, June 14, 2011
Backed by the Gibraltar Police, the Financial Services Commission has carried out
a targeted crackdown on retail outlets undertaking unlicensed Bureau de Change
business, leading to several arrests, it has been announced. The Commission said the closure of the
illicit dealers would reinforce the jurisdiction's safeguards against money laundering.
In the investigation, nine premises were searched and seventeen persons were
arrested on suspicion of having committed offences under the Financial Services
(Investment and Fiduciary Services) Act 1989.
Commenting on the operation, the FSC Chief Executive, Marcus Killick, stated:
“Unlicensed bureaux are not only in breach of the criminal law itself
but also represent a risk to the reputation of Gibraltar as they are highly
vulnerable to being used by those engaged in money laundering. Whilst licensed
bureaux are subject to anti-money laundering obligations and are supervised
by the FSC, no such controls exist in respect of unlicensed operators. We are
deeply appreciative of the work of the [police] in heading up the operational
aspect of [June 10's] events."
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