The Gibraltar Financial Intelligence Unit (GFIU) has strengthened efforts to fight financial crime through a collaboration with the regional INTERPOL sub-bureau.
Key to the collaboration and the new strategy for securing a positive ecosystem in Gibraltar, is the utilisation of INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism, which seeks to swiftly identify, freeze, and recover illicit funds before criminals can move them beyond reach.
The Commissioner of Police, Richard Ullger, commented: “Financial crime is a growing threat, often involving international networks that seek to exploit legal and jurisdictional gaps. By joining forces with INTERPOL and integrating I-GRIP into our enforcement strategy, we are reinforcing our ability to disrupt criminal activities, giving our officers at the Economic Crime Unit another tool at their disposal.”
As a result of I-GRIP, the GFIU will be empowered to take immediate action on suspicious transactions in coordination with INTERPOL and international law enforcement agencies.
Director of the GFIU, Edgar Lopez, stated: “This collaboration with INTERPOL represents another step forward in our ability to combat economic crime. The ability to act swiftly is critical in preventing illicit funds from being moved beyond reach.
“By combining I-GRIP and our suspension order powers, we are strengthening our financial defences, ensuring that criminals cannot profit from their activities. More importantly, we are enhancing support for victims by improving the chances of asset recovery.”
Furthermore, the GFIU will use its suspension order powers under the Proceeds of Crime Act, allowing it to suspend transactions linked to suspected criminal activity and prevent the dissipation of illicit funds.
It’s a move that aligns with the GFIU’s strategic plan and its strong commitment to its membership of the International Anti-Corruption Coordination Centre (IACCC) where INTERPOL’s partnership has demonstrated I-GRIP’s effectiveness. The GFIU is also committed to preventing criminals from exploiting financial systems, and ensuring that victims have a greater chance of recovering stolen assets.
