Trust and Company Service Provides (TCSPs)  play a key role in the global economy as financial intermediaries, providing an important link between financial institutions and many of their customers. They provide often invaluable assistance to clients in the management of their financial affairs and can therefore significantly impact transactional flows through the financial system. TCSPs are often involved in some way in the establishment and administration of most legal persons and arrangem...

GACO is delighted to invite you to this keynote Conference focussing on AI, the risks and benefits to our businesses, together with the growing risks we face from cybercrime and scams. We live in increasingly uncertain times and to succeed your business needs to manage a wide range of growing threats whilst keeping up to date with laws and regulations. We are sure you will find this Conference informative and entertaining. This is a not to be missed event but as in previous years attendance n...

What a fantastic beach party! What a fantastic group of people that attended yesterday's GACO 20th Anniversary Beach Party at Sandy Bay in Gibraltar!  We would like to thank Bua Malamalatabua, Angela Almeida and Esther Sanchez del Pozo for having organised this amazing event and the wonderful gift bag!  As one of the attendees clearly expressed it: "It is refreshing to see that Compliance People can celebrate and enjoy themselves in a relaxed environment!" We have taken a couple of pics fo...

We are delighted to invite you to our 20th Anniversary Summer Party. To celebrate this milestone and to thank our members for their continued support, we would like you to join us at a Summer Party at Kokonut on the 3rd July 2024 from 6pm. Please see the link below, where you will find the full information about the Party, and you will be able to register your attendance.  Please note that once registered your attendance will be expected and cancellation or no show will be charged a non-att...

While the scale and extent of sanctions is a modern development, they have a lengthy pedigree, having been used since ancient times. In fact, the first recorded use of sanctions results from a dispute between Athens and Megara, a neighbouring city state, in around 430 BC. After the inhabitants of Megara cultivated consecrated land and killed an Athenian herald, Athens imposed what we would now recognise as trade sanctions. In particular, Megara’s traders were excluded from Athenian markets, ...

Join us for a seminar on Conduct Risk expectations in the Financial Services sector, where industry experts will delve into the critical aspects of managing conduct risk. Gain valuable insights into regulatory expectations, best practices, and the latest developments in conduct risk management, including on enforcement action from the FCA and subsequent lessons learned.  Laura Scarpa will be joining us to share her insights into Conduct Risk and Fair value. Laura is a Partner in Deloitte L...

In accordance with clauses 8.3, 9.5 and 16.1 of the Constitution, notice is hereby given that the Annual General Meeting will be held at 09.30hours on Thursday 6th June 2024 online via GoToMeeting Application. Agenda 1. Approval of the minutes of the 2023 Annual General Meeting held on 27th June 20232. Chairperson’s Report3. Treasurer’s Report4. Training Committee Report5. Ratification of Executive Committee Actions6. Election of Executive Committee for calendar year 2024/2025 (see notes 1 ...

In light of tighter regulation in almost all industry sectors and not only financial services, the role of a compliance officer is a big deal. They’re responsible for keeping the ethical integrity of your company intact and handling any breaches of regulation. A top compliance officer will make sure that all business activity is carried out within a regulatory framework by using a defined and particular set of skills. As well as having the technical know-how and experience, soft skills are ar...

Planning for retirement and encouraging pension savings has historically been and continues to be one of the biggest challenges faced by many Governments worldwide, who are simply unable to sustain existing levels of state benefits. The realistic outcome for many of us will be to work longer and live poorer in retirement. It’s a gloomy outlook, which is why many Governments now require workers to take some responsibility for planning for their own retirement. But the perception that pensions ...

GACO is happy to announce it will once again host an MLRO Masterclass aimed, as last year at MLROs and deputy MLROs.   Money Laundering Reporting Officers (MLROs) act as the focal point within regulated entities for the oversight of all activity relating to anti-money laundering, counter terrorism and counter proliferation financing (AML/CFT/CPF).  Therefore, MLROs need to be equipped with  sufficient expertise and knowledge to fulfil their obligations.  In the current rapidly evolving regul...

HM Government of Gibraltar is pleased to note the amended EU Commission regulation table, in line with the FATF’s white-listing of Gibraltar last month, which was also followed by automatic UK delisting. The removal of Gibraltar from the EU Commission’s table at the first opportunity is very welcome news and another proud moment for our jurisdiction. Minister for Justice, Trade and Industry, the Hon Nigel Feetham KC MP, commented: “The swift removal of Gibraltar from the European Commission'...

Celebrating International Women’s Day, a cohort of Gibraltarian graduates have marked their success in achieving a Master’s degree which will be key in pursuing management roles. The cohort completed their MA in Leadership and Management at the University of Gibraltar and they came together to highlight women focusing on further education and their careers while also juggling personal lives and commitments.

The FATF President's letter congratulating Gibraltar on strengthening the effectiveness of its AML/CFT regime, and being removed from the ICRTG monitoring.

The Chief Minister, the Hon Fabian Picardo KC MP, has today confirmed that His Majesty’s Government of Gibraltar has now had confirmed that Gibraltar has been whitelisted by the FATF at its plenary this week in Paris. This hugely significant development reflects and acknowledges Gibraltar's unwavering commitment to meeting international standards in combatting money laundering and terrorist financing. The President of the FATF officially announced today that Gibraltar had made “significant p...

As regulatory compliance obligations continue to multiply, achieving a clear picture of your performance around good governance and compliance is more important than ever. Organizations have responded to this challenge by implementing increasingly stringent compliance monitoring programs. Larger and more complex businesses and smaller, simpler ones face issues ensuring they meet their obligations across all their entities. Compliance monitoring refers to the quality assurance tests organiza...

GACO is happy to announce an upcoming seminar on virtual assets and virtual asset service providers.   The increase of virtual asset related companies operating within the financial services space has resulted in traditional financial services having to adapt and enhance their expertise in this area.  When onboarding or managing business relationships associated to virtual assets, firms need to understand the very specific features and risks related to virtual assets.  This seminar includes...

Gartner has defined Operational Resilience as initiatives that expand business continuity management programs to focus on the impacts, connected risk appetite and tolerance levels for disruption of product or service delivery to internal and external stakeholders (such as employees, customers, citizens and partners).In different regions around the world, regulators are aiming to bring about change in how the finance industry manages the threat and impact of IT glitches, cyber attacks and othe...

Working to ensure its members have the tools to prevent everything from terrorism financing to money laundering, internal fraud to financial crime, the Gibraltar Association of Compliance Officers (GACO) is at the forefront of educating its 250-plus members on how best to keep the Rock’s myriad institutions safe.GACO members range from high street shops to investment managers, banks, estate agents, the insurance and gaming industries, in short anyone who needs and wants to be compliant with t...

In the ever-changing world of business and technology, Artificial Intelligence (AI) is making a big difference. It's transforming the way things work in different industries. Internal auditing is one area that's going through some major changes because of AI. It's helping auditors do their jobs better, making it quicker, more accurate, and just generally more effective. It's like taking work to the next level, making it even better. AI has empowered internal auditors to analyse vast datasets...

Dear GACO Member,We appreciate very much your loyalty as GACO Members and that most of you have been supporting GACO throughout the last 20 years . This is much appreciated. As GACO membership is renewed on a yearly basis and  the membership runs from January to December, this is the time of the year when renewal is due. We kindly ask you therefore to update your details using this link. As a gesture of our appreciation, we will offer anyone renewing membership for 2024 before the 31st Decemb...

Countries are implementing mandatory disclosure rules aimed at increasing transparency to detect what is perceived by tax authorities to be potentially aggressive cross-border tax planning. MDR will lead to extensive reporting obligations for a relatively wide range of transactions being classified as reportable arrangements. No jurisdiction other than Mexico has introduced any de minimis rules. Taxpayers and intermediaries (e.g. advisors, banks etc.) must implement policies, procedures and ...

GACO has prepared in total 3 half day sessions and the sessions are subdivided into "Professional" and "Intermediate" Training. The “Professional” training is aimed particularly at senior/experienced members of compliance and MLROs. This year the sessions will be on a face to face basis with David Parody and held at the Leisure Cinemas at the King’s Bastion Leisure Centre. As places are limited, please register online as soon as possible to avoid disappointment . Places will be allocated on a...

Identification and verification of Ultimate Beneficial Owners (UBO) of legal entities remains a hot topic among both the AML regulated sectors and corporations complying with the ABC and International Sanctions regimes. Governments, too, are catching up with the trend by either introducing or upgrading the beneficial ownership legal frameworks and related registries. Until 2018, there was no obligation in the EU to declare who was behind a company. It was only following publication of the Pa...

In the complex world of financial crime prevention, understanding distinctions between Money Laundering and Terrorist Financing is essential. Join us for an enlightening training session that delves into the intricacies of these two illicit activities, exploring their similarities and differences. Money Laundering, often associated with organized crime and corruption, is the process of disguising the origins of illicitly obtained funds. On the other hand, terrorist financing involves channel...

The Internal Capital Adequacy and Risk Assessment (ICARA) represents the new regulatory centrepiece of the prudential regime for investment firms. ICARA processes should be fully embedded by now, but many firms are still working on their first ICARA document and are understandably seeking guidance and reassurance that their work meets regulatory standards. The IFPR prescribes prudential standards that are broadly similar to the previous regime but has also introduced new concepts and methodo...

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In accordance with clauses 8.3, 9.5 and 16.1 of the Constitution, notice is hereby given that the Annual General Meeting will be held at 12.00hours on Tuesday 27th June 2023 online via GoToMeeting Application. Bookings - click here AGENDA 1. Approval of the minutes of the 2022 Annual General Meeting held on 22nd  June 20222. Chairperson’s Report3. Treasurer’s Report4. Training Committee Report5. Ratification of Executive Committee Actions6. Election of Executive Committee for calendar year...

According to the Organisation for Economic Co-operation and Development (OECD), money laundering through real estate is one of the oldest known ways to move and hide illicit funds. Property companies need robust AML compliance policies and real estate professionals need regular up-to-date training. We all have read in the press that several local Real Estate Agents have recently been fined for non-compliance with the local AML regulation. This clearly highlights the need for a thorough AML/C...

A report from the ACFE (Association of Certified Fraud Examiners) shows that a company loses at least 5% of its annual income as a result of internal fraud. Moreover, 23% of the fraud committed by employees involves a loss of at least € 850,000. Internal fraud can therefore cause a great deal of damage to your company. Internal controls and clear procedures undoubtedly limit the risk of internal fraud, but these systems are not always able to cope with employee conspiracy. Bookings - click ...

Save the Date: The Gibraltar Financial Intelligence Unit will be hosting a Project Nexus event on Thu 18th May at 1400hrs at the University of Gibraltar. Don’t miss out on the chance to hear from law enforcement experts on counter terrorist financing. You will gain valuable insights in the latest trends and typologies. More details will follow soon! Sign up for FREE! Book Now - Click here