Gibraltar: EU Investigation into Tax Rulings

The European Commission has decided to extend the formal investigation procedure under state aid rules into the practice of granting tax rulings under the Income Tax Act 2010.

The decision forms parts of the European Commission’s wide ranging investigation into the practice of tax rulings in every EU Member State. Indeed, the Commission has looked at more than 1,000 tax rulings throughout the EU.

Gibraltar Government's Response:

Regulatory Radar

Business is like sport - winning means keeping an overview and not losing sight of the overall objective. This is especially true of people working in the financial markets. Recent years have seen an explosion in the number and scope of financial market regulations - not just in Switzerland, but in the EU and the rest of the world too. What was once a comfortable giant slalom event for weekend sportsmen is now a flat-out race for elite athletes.

Read more here (PWC)

Financial fraud: One scam 'every 15 seconds'

A campaign is launched to raise awareness after one million incidents were recorded during the first six months of the year.

A sharp rise in financial fraud has been reported, with more than one million incidents where people lost money recorded between January and June. Financial Fraud UK (FF UK), which compiled the figures, said it represented a 53% increase on the first six months of 2015 and equated to one scam every 15 seconds. The incidents were a result of either payment card, cheque, online banking or telephone banking fraud.

Read More - Click Here (Sky News)

New Tricks for an Old Dog (Brexit again)

We are never too old to learn. Until a couple of weeks ago I thought that a "Reverse Greenland" was a difficult ice skating maneuver. Apparently it is one of the options being explored post Brexit, whereby Scotland, Northern Ireland and Gibraltar stay in the EU whilst the areas which voted out leave.

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Market Abuse

Certain types of behaviour, such as insider dealing and market manipulation, can amount to market abuse. Firms must have safeguards in place to identify and reduce the risk of market abuse and other financial crime.

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EU free movement not required for funds marketing - Morgan Lewis

Much attention has focused on access to the EU single market requiring acceptance of free movement of people but, in two important areas of the financial services sector, this is not the case.

The Alternative Investment Fund Managers Directive permits fund managers from outside the EU to opt-in to the regulatory regime under the Directive in order to market their funds to EU investors and to manage EU funds, either on a cross-border basis or via the establishment of branches in the EU. ‘Third country’ fund managers thus benefit from passporting rights and do not need to establish a presence in the EU in order to do so.

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4MLD amendments put banks at greater regulatory risk, say lawyers

The European Commission's proposed amendments to the Fourth Money Laundering Directive (4MLD) will put banks at risk of further attention from the Financial Conduct Authority, a law firm said. The availability of beneficial ownership information will be greater, but so will due diligence requirements.

In an amendment driven partly by the Panama papers, beneficial ownership registers established in the EU will have to be publicly accessible, which puts the onus on banks and other financial services firms to use them, despite their limitations, and face regulatory consequences if they fail to do so.

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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