Gibraltar Law (PCCGL) key terms

Gibraltar's principal money-laundering and asset-recovery statute. It creates the predicate-offence framework, criminalises dealing with criminal property, and empowers restraint, confiscation and cash-seizure measures.

Property that represents a person's benefit from criminal conduct, or which the person knows or suspects represents such benefit. The concept underpins the main money-laundering offences in Gibraltar.

The underlying criminal conduct that generates the money or assets later laundered. Its existence establishes that property is criminal property and triggers the laundering offences.

A disclosure made to the Gibraltar Financial Intelligence Unit by a regulated firm or individual who knows, suspects or has reasonable grounds to suspect money laundering or terrorist financing.

Gibraltar's national financial intelligence body. It receives and analyses suspicious activity reports, disseminates intelligence to law enforcement, and represents Gibraltar internationally on anti-money-laundering matters.

Disclosing to a person that a suspicious activity report has been made, or that an investigation is underway, in circumstances where that disclosure is likely to prejudice detection or investigation.

The individual within a regulated firm responsible for receiving internal reports of suspicious activity, assessing them, and making external disclosures to the Gibraltar Financial Intelligence Unit where appropriate.

A senior compliance role, often equivalent to the nominated officer, accountable for the firm's anti-money-laundering framework, internal escalation, record-keeping and external reporting to the authorities.

The identification and verification measures a regulated firm must apply to customers before or during a business relationship, including beneficial ownership checks and understanding the purpose of the relationship.

Additional, more intrusive checks applied to higher-risk customers, such as politically exposed persons, correspondent relationships or customers in high-risk jurisdictions, including source-of-funds and source-of-wealth verification.

The natural person who ultimately owns or controls a legal entity or arrangement, typically identified by an ownership or control threshold set in Gibraltar's anti-money-laundering rules.

A person entrusted with prominent public functions, or a close family member or associate of such a person, who presents elevated corruption and money-laundering risk and requires enhanced scrutiny.

Evidence identifying where the money used in a specific transaction or relationship came from, such as salary, sale proceeds or a documented gift, used to test consistency with the customer profile.

Evidence explaining how a customer's total accumulated wealth was generated over time, distinct from the funds used in a particular transaction, and central to enhanced due diligence.

A Gibraltar register recording the ultimate beneficial owners of companies and other entities, maintained to support transparency and accessible to authorities and obliged entities under defined conditions.

A court order freezing property suspected to be criminal property or the proceeds of crime, preventing its disposal while an investigation or prosecution proceeds.

A court order requiring a convicted person to pay an amount representing the benefit obtained from criminal conduct, recoverable from the person's assets.

The core Gibraltar statute regulating financial services, establishing licensing, supervisory and market-conduct requirements and the powers of the Gibraltar Financial Services Commission.

Gibraltar's independent financial services regulator. It licenses and supervises firms, issues guidance, investigates breaches and can impose sanctions to protect consumers and market integrity.

The authorisation granted by the Gibraltar Financial Services Commission allowing a firm to carry on specified regulated activities in or from Gibraltar, subject to conditions and ongoing compliance.

A role under Gibraltar's financial services regime describing individuals with responsibility for managing or directing a licensed firm's affairs, subject to fitness and propriety assessment.

The assessment of honesty, competence, financial soundness and reputation applied to applicants and key individuals before authorisation and on an ongoing basis.

The Gibraltar Financial Services Commission's periodic assessment of a licensed firm's compliance with regulatory requirements, risk management, governance and conduct standards.

A supervisory and compliance method that allocates resources and controls in proportion to assessed risk, so that higher-risk customers, products and activities receive more intensive scrutiny.

Guidance setting expectations for board composition, independence, committees, risk oversight and shareholder accountability for Gibraltar-regulated entities, applied on a comply-or-explain basis where relevant.

The governing body of a company, collectively responsible for strategy, oversight of management, risk appetite and ensuring the firm meets its legal and regulatory obligations.

A board committee, normally of independent directors, that oversees financial reporting, external audit, internal controls and the relationship with auditors.

The policies, procedures and checks a firm operates to ensure reliable reporting, effective operations and compliance with laws and regulations, including segregation of duties and authorisation limits.

The independent second-line team that advises the business, monitors adherence to rules, identifies regulatory risk and reports on compliance matters to senior management and the board.

A governance model in which operational management owns risk, a risk and compliance function provides independent oversight, and internal audit gives independent assurance to the board.

An independent, objective assurance function that evaluates the effectiveness of risk management, control and governance processes and reports findings to the audit committee.

Arranging for another party to perform a function or activity on a firm's behalf, which remains subject to regulatory requirements, risk assessment and notification or approval obligations.

Gibraltar's data protection legislation, aligned with European standards, governing lawful processing of personal data, individual rights and the role of the Gibraltar Regulatory Authority.

Gibraltar's multi-sector regulator, which among other functions supervises data protection and certain communications and gambling matters, investigating complaints and enforcing relevant legislation.

A security incident leading to accidental or unlawful destruction, loss, alteration or unauthorised disclosure of personal data, which may require notification to the regulator and affected individuals.

The protected disclosure by an employee or associate of wrongdoing within an organisation, which Gibraltar law and regulatory guidance encourage through confidential internal reporting channels.

Prohibited conduct in financial markets including insider dealing, unlawful disclosure of inside information and market manipulation, enforced in Gibraltar under its securities and financial services legislation.

Precise, non-public information relating to financial instruments or issuers that, if made public, would likely significantly affect prices, and which may not be used or disclosed improperly.

The obligation on regulated firms to retain documents and records evidencing customer due diligence, transactions and compliance decisions for prescribed periods, so they can be produced to authorities.