HM Government of Gibraltar sent representatives to participate in the “Illicit Finance Dialogue”, a high-level meeting focused on combatting illicit financial flows, this week in Miami.

A statement from the Government follows below:

This meeting comes as part of ongoing efforts by the United Kingdom and its Overseas Territories to tackle financial crime and serves as a key step for the Joint Ministerial Council (JMC) set for November 2024. 

Hosted by the Government of the Cayman Islands and co-chaired with theUnitedKingdom Foreign, Commonwealth, and Development Office (FCDO), the three-day meeting aimed to enhance cooperation between the UK and its OTs. The meeting builds on the agreement made during the Joint MinisterialCouncil in November 2023, where UKand OT ministers committed to establishing a ministerial-level dialogue to address financial crime. 

Gibraltar made a number of contributions to the meeting by presenting on a variety of critical topics. The Director of the Gibraltar Financial Intelligence Unit (GFIU) Edgar Lopez, and Gibraltar Financial Services Commission (GFSC) Technical Specialist Justin Montovio, jointly presented on Crypto Regulation and Crypto Crime Threats sharing insights on Gibraltar’s robust regulatory framework for cryptocurrency and emerging threats in the crypto crime space. 

Mr Lopez also presented on the GFIU’s Outreach and Engagement program, Project Nexus, highlighting its innovative approach to raising awareness through technology, offering a detailed overview of how it uses digital tools to increase understanding of both current and emerging financial crime threats. 

Gibraltar provided an overview of the Quad Island Forum, a collaborative initiative involving Gibraltar, Guernsey, Jersey, and the Isle of Man Financial Intelligence Units. The presentation focused on how collaborative regional models like this can improve interoperability and strengthen collective efforts to combat financial crime across like-minded jurisdictions. 

The Ministry of Justice was represented by Charles Avellano, who also attended the meeting as part of the Ministry’s proactive approach to networking and fostering stronger relationships with the United Kingdom and other Overseas Territories. This is part of the Ministry’s commitment to expanding its network across all its areas of responsibility. 

In addition to Gibraltar, government officials from Anguilla, Bermuda, the British Virgin Islands, Cayman Islands,Montserrat,theTurks andCaicos Islands, St.Helena and the UnitedKingdom were in attendance.

The outcomes of this high-level meeting will inform the discussions at the upcoming JMCin London, where further steps to enhance financial cooperation and integrity will be addressed. 

Minister for Justice, Trade and Industry, the Hon Nigel Feetham KC MP, said: “As an international financial centre, Gibraltar remains steadfast in its commitment to combating financial crime, upholding strict sanctions compliance and adhering to FATF standards. I welcome the significant contributions made by the Gibraltar Financial Intelligence Unit and the Gibraltar Financial Services Commission, particularly in the areas of crypto regulation and addressing the growing threats posed by crypto crime. The GFIU’s Project Nexus outreach and engagement program further highlights Gibraltar’s forward-thinking approach to raising awareness of both current and emerging financial crime threats. These presentations at the Illicit Finance Dialogue underscore Gibraltar’s proactive approach and expertise in these critical areas. 

“We also welcome the strengthened relationship between Gibraltar, the United Kingdom, and our fellow Overseas Territories. This collaborative framework is vital in our collective efforts to tackle financial crime on all fronts, ensuring that we work together effectively to counter the increasingly sophisticated challenges posed by criminal networks.”