Gibraltar Financial Intelligence Unit

Today, we have published the 2024 Q2 Report.  Here are some key insights from the SARs received and analysed: ⏺ Total SARs Received: 1,301 SARs were received in Q2 2024, marking a 12% increase from Q2 2023 (1,158) and a 23% increase from Q1 2024 (1,059). ⏺ Monthly Record: June 2024 saw 555 SARs, the highest monthly count since Themis's introduction in 2019. ⏺ DLT Sector Growth: The #DLT sector was a significant contributor, accounting for 38% of SARs in Q2 2024. ⏺ Sanctions Act: There was a noticeable rise in SARs under the Sanctions Act, primarily from the DLT sector. ⏺ First Half 2024 Comparison: 2,360 SARs were submitted in the first half of 2024, slightly higher than the 2,351 SARs in the same period of 2023. ⏺ Key Reporting Sectors: The #Gaming, DLT, and #Banking sectors remain the top reporters. However, Gaming's share has decreased to 52.57%, its lowest since Q4 2020. ⏺ Excluding Gaming Sector: Excluding Gaming, 617 SARs were received in Q2 2024, showing a 139% increase from Q2 2023 (258) and a 75% rise from Q1 2024 (352). ⏺ Reporters: 50 reporting entities submitted SARs in Q2 2024, contributing to the 64 reporting entities submitting throughout 2024. ⏺ Feedback: 97% of the SARs received in Q2 2024, to which feedback has been provided by GFIU, were deemed to have met the required standard. ⏺ Principal Suspected Criminality: #MoneyLaundering and #Fraud remain the top suspected crimes. The main grounds for suspicion continue to be adverse open sources and inadequate due diligence. Find out more from our report: https://rb.gy/qbhp5c

Statistics are an important tool to measure a jurisdiction's effectiveness in combatting #ML and #TF. An initial analysis of our 2024 Q2 stats shows that June was the month with the highest number of SARs ever. The DLT sector submitted 38% of the SARs in this period

The #Ransomware survey launched a few weeks ago is a vital tool to measure the impact of this often underreported crime on our jurisdiction. The results will be used to review policies and training. If you're a reporting entity and haven't completed it yet, please do so. Your input is crucial. You can find the survey link in the letter sent via Themis.

With an average of 150 SARs per week this year, we are on track to receive a record number of reports. The importance of advanced technological solutions for timely #analysis and processing of these SARs cannot be overstated. However, the human element behind these efforts is equally crucial

In our Strategic FLINT meeting today we shared key highlights and developments in addressing the dynamic and emerging threats we face. We discussed the rise in cybercrime, especially ransomware attacks targeting financial institutions. The focus is on enhancing our understanding and improving our capabilities in detecting the financing of cyber-enabled crime. Strengthening our communication channels between banks, law enforcement agencies, and regulatory bodies is critical for rapid response and intelligence sharing. #FLINT #PublicPrivatePartnership #AML #CyberSecurity #Innovation #Collaboration #Ransomware #Gibraltar

This week, we welcomed our colleagues from the Isle of Man Government’s AML/CFT Policy Office for an in-depth discussion on our #Moneyval preparations and strategic planning. #Gibraltar stakeholders shared their expertise and experiences, and we heard about the outstanding work of the #IsleofMan in tackling the challenges faced by small international finance centers. Engaging with other jurisdictions is mutually beneficial as we gear up for our upcoming evaluations and continue the fight to tackling financial crime. Together, we can achieve more through #collaboration #amlcft One clear difference between us is the weather and the levanter cloud cleared up just in time for us to show them a different view of our beautiful Rock!

This week I had the opportunity to speak at the Offshore Alert Marbella 2024 event alongside Adie from Guernsey Financial Intelligence Unit Intelligence Unit in Marbella. We provided an update on the current, residual, and emerging threats that small international finance centres face. Key Highlights of the presentation included a comparison of the reports we received: Guernsey received 2,031 SARs in 2023. Gibraltar received 4,887 SARs in 2023. The primary suspected criminal activities in both jurisdictions were #moneylaundering and #fraud, consistent with our national risk assessments. We emphasised the importance of robust financial oversight particularly on insider threats and the growing trend of cyber-enabled fraud. We also covered the proactive measures being taken to combat financial crime through our sustainable outreach program. Thanks to all attendees and organisers for an engaging and informative event!

We were delighted to have hosted Adie Hale, the Head of the Guernsey Financial Intelligence Unit for an insightful presentation on the challenges in the preparation journey for their #MONEYVAL assessment. The session focused on the critical steps and improvements undertaken to meet international standards set by the Financial Action Task Force (FATF). It also provided invaluable insights into the collaboration between the #FIU and all the stakeholders in the preparation for a mutual evaluation. We are grateful for the opportunity to learn from their experience and use this to strengthen our preparation for our forthcoming round. We look forward to continuing our collaborative efforts bilaterally and through the Quad Forum.

MONEYVAL: Gibraltar improves compliance with international agreements on money laundering and terrorist financing. https://lnkd.in/ePmAQVaU

The Gibraltar Regulators Forum (comprised of the Gibraltar Financial Services Commission, Gibraltar Financial Intelligence Unit, Gibraltar Gambling Division, Legal Services Regulatory Authority and Gibraltar Regulatory Authority) has launched a #ransomware survey that aims to establish the prevalence of ransomware attacks in #Gibraltar and mitigate the associated risks. The survey has been circulated to the relevant organisations. We look forward to analysing the results.   #GFIU #GFSC #LSRA #GRA #collaboration #cybersecurity #cybercrime