A NEW fund will reinvest cash recovered from money laundering and terrorist financing in Gibraltar back into the law enforcement agencies who tackle it daily.
The government of the British territory started the Gibraltar Recovered Assets Fund to collect and manage money taken from economic criminals.
The fund will then pay for specialist training and development of the departments in the Royal Gibraltar Police and Customs that carry out this fight daily.
The Financial Secretary will administer the fund, the government said in a statement.
“The establishment of the Gibraltar Recovered Assets Fund marks an important milestone in our ongoing commitment to ensure transparency, integrity, and the rule of law in Gibraltar,” Chief Minister Fabian Picardo said.
“By reinvesting the proceeds of crime into the fight against economic crime, we send a strong message that Gibraltar is not a safe haven for criminals and their illicit gains.”
He stated the government was committed to ‘stand with our law enforcement agencies as they work to bring them to justice’.
Minister for Digital and Financial Services Albert Isola said: “This initiative further underscores Gibraltar’s commitment to uphold the highest international standards in anti-money laundering (AML) and counter-terrorism financing (CTF) efforts.
“We are incredibly proud of the continuous efforts that are deployed by the RGP and HM Customs in tackling economic crime.
“The creation of this special fund is testament to our determination to meet these important objectives.”
Government’s creation of the fund follows several bold moves to fight money laundering.
Prosecutors recently charged two local businessmen in a £22 million tobacco money laundering case.
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