Legal & Compliance Assistant - Grant Thornton (Gibraltar)

Grant Thornton (Gibraltar) Limited is a member firm of Grant Thornton International, one of the major international firms of accountants and business advisors. Due to continued expansion the following opportunity has arisen within our associated firm Grant Thornton Fund Administration Limited.

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EU Savings Directive repealed

On 10 November 2015, the Council of the European Union (the Council) announced that the EU Savings Directive (2003/48) has been repealed. The repeal was necessary to eliminate the overlap with other legislation developed in the field of measures to prevent tax evasion.

The Council adopted Directive 2014/107/EU amending the Mutual Assistance Directive [on administrative cooperation in the field of taxation] (2011/16) (the Directive) on 9 December 2014. The Directive is generally broader in scope and extends the scope of automatic information exchange to cover more income types than in the Savings Directive (for details, see European Union-1, News 13 June 2013).

The Directive will enter into force on 1 January 2016. Austria has, however, been granted a derogation and may begin applying the Directive from 1 January 2017. 

(Nigel Crome, Compliance Officer, Gibraltar International Bank).


Gibraltar Joins International Anti-money Laundering Committee

Gibraltar has been accepted into the select committee MONEYVAL and will henceforth be subject to its mutual evaluation processes and procedures, the Gibraltar Government has announced.

MONEYVAL was established in September 1997 by the Committee of Ministers of the Council of Europe to conduct self and mutual assessment exercises of the anti-money laundering measures in place in Council of Europe member states and territories which are not members of the Financial Action Task Force (FATF).

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Royal Gibraltar Police Guide to Basic Cyber Safety

Businesses and the general public are increasingly being targeted by cyber criminals using a variety of methods. Although this type of criminal actiity has been around for several years, the methods employed by criminals evolve constantly, with scams becoming increasingly sophistiated as we ourselves become wiser as to what is and isn’t legitiate. Gibraltar is not immune from the threat of cyber-crime, and in recent months, there has been an increase in the number & type of cyber-based and traditional scams targeting our community generally.

We believe that preventing through education is key, and so we’re delighted to bring you this information guide which we hope will assist in preventing you from becoming a victim of crime. This booklet looks at some of the main risks to our online activity, and describes most of the scams that have been targetting/contiue to target our community. We hope this information will increase your awareness, improve your understanding of how some scams work, and provide you with some basic tools that you can use to protect yourself/others online.

Link: http://www.gaco.gi/images/pdf/october/Practical_Guide_to_Cyber_Safety.pdf


Fraudsters are targeting online advertising platforms where items are acquired for free

Fraudsters are targeting online advertising platforms where items are acquired for free. The fraudsters will list items on the website and advise any purchasers that they have recently moved from the area they were originally living in and can arrange a courier to dispatch the items for a fee.
 
The payment requested for this service is usually via Money Transfer such as MoneyGram or Western Union, or an e-money voucher. The items they were promised are not received and any attempts to contact the individual to gain a refund are unsuccessful.

Link: https://www.actionfraudalert.co.uk/da/125902


IT Auditor As A Business Protector

Following GACO’s successful Cybercrime seminar Tuesday 6th October 2015, Dr John Mitchell has kindly made his presentation available to members to download. Dr John Mitchell is an international authority on corporate governance, risk management, the impact of regulatory and compliance issues on the delivery of corporate services and cyber crime.

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The Wolfsberg Group: Financial Crime Risk Assessments

Financial Crime Risk Assessments are one element of the Financial Crime Compliance (FCC) toolkit and serve to highlight key risk areas, how well those risks are managed and support a risk-based allocation of resource to the highest risk areas, as well as the establishment of action plans for managing identified risks.

The Wolfsberg Group of International Financial Institutions has prepared FAQs on the key aspects of financial crime risk assessments. The Group hopes that these FAQs will contribute to the promotion of effective risk management while supporting the prevention of the abuse of the financial system for criminal purposes.

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Why Is Cash Still King? A Strategic Report On The Use Of Cash By Criminal Groups As A Facilitator For Money Laundering

Almost all criminal activities yield profits, often cash, that criminals seek to launder through different means. These are carried out by transnational Organised Crime Groups regardless of their ethnic origin or geographical location, therefore defying categorisation. Money laundering activities are so diffuse for a relatively simple reason: Organised Crime is a commercial activity working for financial benefit.

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Member Benefits

✔ Latest compliance laws and regulations updates
✔ Certification and training
✔ 10% Discount on course and training costs
✔ 10% Discount for events and conferences
✔ Business Networking in Gibraltar
✔ Access to member forums

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Contact Information

info@gaco.gi

Gibraltar Association of Compliance Officers,

PO Box 1493, Gibraltar