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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Cybercrime | Article by Chas Foster

Cybercrime - un crime sans frontières

Have you heard these terms:

  • TOR-The onion router- an anonymous dark web access browser
  • Silk Road 2-web site to enable purchase of drugs, guns, women
  • The Slur market-allows anonymous trading of confidential information
  • The Dark (or Deep) Web-first developed by US military to keep messages encrypted and hence secret

If not, good, you are unlikely to be a hacker.

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GACO & GFIA Global Tax Enforcement Conference

With an attendance of around 150 delegates the GACO & GFIA Global Tax Enforcement Conference organised in cooperation with DQ, Latham & Watkins LLP and Pinsent Mason was a huge success locally. It was a landmark day-long conference with high profile international and local professionals.

During the whole day, a professional Panel including international tax specialists from the US, UK, Isle of Man, Gibraltar and the attache representative of the IRS Criminal Investigation assigned to the US Embassy in London, practical topics of US & UK FATCA as well as the future CRS were debated at round tables in a passionate way involving the public from the first to the last minute.

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GACO Letter to Minister for Financial Services and Gaming Regarding FATCA

Dear Albert,

RE: FATCA REPORTING We understand that the Government of Gibraltar, unlike other Overseas Territories, has thus far not issued any Guidance Notes to the industry in respect of FATCA and/or UK FATCA reporting.

As key dates in relation to FATCA are fast approaching, ( there are still questions raised in the industry and amongst our members to which we haven't received answers.

We are therefore approaching you requesting further clarity and guidance on this subject matter.

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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


Contact Information

Gibraltar Association of Compliance Officers,

PO Box 1493, Gibraltar