Proceeds of Crime 2015-22 - Gibraltar

1 Proceeds of Crime 2015-22 . Proceeds OF Crime ACT 2015. Principal Act Act. No. 2015-22 Commencement ( ) Assent Amending Relevant current Commencement enactments provisions date LN. 2016/148 s. 33(3) 2016/182 Sch. 2 2016/256 Part IA, 2(10), 3A 2017/119 ss. 1ZA, 1A, 1B(3)-(5), 1C, (a), (d), 1 ZDA, 1DA(1)(a), 1DB(2)(d), (e), 1F(3), 1G, 1GA, 1H, 1I(1), 1IA- 1IC, 1J, 1JA, 1K(1)(a), (5), 1S, 2(9), (10), 3B, 5(2A), (5)-(8), (14), 6, 6A, 7(1), (1A)-(1C), 8, 9(1)(i)(i)(C)-(E), (k)-(l), (o), 9A, 9B, 10, (b), (c), 10A, 11(1)(ba), (c)-(f), (2), (3)(b), (5), 12(2), 13(4), (4A)-(4C), 16, 17, 17A, 18, (b), 19, 20, (1)(a), (2), 20A-20B, 21(1), (2), (2A), 22(1)-(3), (3A)-(3B), (4), 23(1), (1A)-(1B), (2), (c)(iii), (d)(iii), (iv), (4), 23A, 25(2), (4), (10)-(12), 25ZA, 25A, 26(1), (f), (g), (1A)-(1C), (2)(c), (2A), (4), (5), (5A), (6), 26A, 27-28, 30(3)- (6), 30A-30C, 34A, 179(4)(b), 182(1), 183(1), (5A), (7), Sch.

2 1, 6- 7 Act. 2017-07 ss. 1C(d), 2, 3, 4, 4A, 4B, 4C, 4D, 4E, 4F, 4G, 4H, 6B, 35(1), 35A, 35B, 36(1) & (3), 37(5), 58(1)(c), (3A), 59(1), (3), (7A), (7B), (7C), 59A, 60(1), (8A), (8B), (8C), 117(2), (3)(a), (4) & (5)(b), 120(1), (4), (9), 122(2), (4), 123(1), (5), 1. Amended by Notice of Corrigendum LN. 2016/018. Government of Gibraltar ( ). 2015-22 Proceeds of Crime (6), 124(1)(c), 128(2), (3), 130(1), 131(1), 133(1), & 134(1), 145(1), 161(3), 164(2)(b), 167(3)(a), 182(1), (1A), (2A), (5) (za), (zb) LN. 2017/205 Sch. 2 2018/013 s. 26(1A) Act. 2018-01 ss. 1B(2)(a), 1C(d), 1L(1)-(3), 70(2A), 70A-70B, 145, 146(6) LN. 2018/064 s. 9(1)(p) 2018/124 ss. 5(7)(d), 34A(4) Transposing: Directive 91/308/EEC. Directive (EU) 2015/849. EU Legislation/International Agreements involved: Government of Gibraltar ( ).

3 Proceeds of Crime 2015-22 . ARRANGEMENT OF SECTIONS. PART I. PRELIMINARY. 1. Short title and commencement. 1ZA. Terrorist finance: interpretation. PART IA. Gibraltar FINANCIAL INTELLIGENCE UNIT. 1A. Interpretation of Part. 1B. Establishment of GFIU. 1C. Functions. 1D. Analysis Function. Information gathering powers 1 ZDA Reporter to provide additional information. 1DA. Information gathering. 1DB. Criteria for making request. 1DC. Offence and penalty etc. Cooperation 1E. Cooperation with other FIUs. 1F. Contents of requests and mechanisms of exchange. 1G. Forwarding of disclosures. 1GA. Requests from EU FIU's. 1H. Obtaining additional information from Member States. 1I. Refusals. 1IA. Restrictions and conditions for use. 1IB. Tax crimes. 1IC. Use of exchanged information. 1J. Internal cooperation.

4 1JA. Feedback. Access to information 1K. Access to information held by GFIU. 1L. Protection of confidential information. 1M. Referral of suspected offences. 1N. Duty to inform. Miscellaneous Government of Gibraltar ( ). 2015-22 Proceeds of Crime 1O. Reports. 1P. Terms and conditions of employment unaffected. 1Q. Preservation of powers. 1R. Personal liability. 1S. References in enactments. PART II. MONEY LAUNDERING AND OTHER OFFENCES. 1T. Interpretation of Part and Part III. 2. Arrangements. 3. Acquisition, possession or use of criminal property. 4. Concealing, transferring etc. Proceeds of criminal conduct. 4A. Deemed consent of the GFIU to do a prohibited act. 4B. Power of a court to extend the moratorium period. 4C. Proceedings under section 4B: supplementary. 4D. Extension of moratorium period pending determination of proceedings etc.

5 4E. Sections 4B to 4D: interpretation. 4F. Suspension of a transaction. 4G. Authorised disclosures. 4H. Protected disclosures. 6A. Disclosures to supervisory authorities. 6B. Failure to disclose: relevant financial business. PART III. MEASURES TO PREVENT THE USE OF THE FINANCIAL SYSTEM. FOR PURPOSES OF MONEY LAUNDERING AND TERRORIST. FINANCING. 7. Interpretation. 8. Business relationships. 9. Relevant financial business. 9A. Extension of provisions to other entities. 9B. Responsibility for compliance. Customer Due Diligence 10. Meaning of customer due diligence measures. 10A. Actions through authorised persons. 11. Application of customer due diligence measures. 12. Ongoing monitoring. 13. Timing of verification. 14. Casinos. 15. Requirement to cease transactions etc. 16. Simplified customer due diligence.

6 Government of Gibraltar ( ). Proceeds of Crime 2015-22 . 17. Enhanced customer due diligence measures: application. 17A. Enhanced customer due diligence: correspondent relationships 3rd country. 18. Non face-to-face. 19. Correspondent banking. 20. Politically exposed persons. 20A. Politically exposed person: interpretation. 20B. Politically exposed person: continuing obligations. 21. Branches and subsidiaries. 22. Shell banks, anonymous accounts etc. 23. Reliance. 23A. Reliance: additional provisions. 24. Directions where Financial Action Task Force applies counter- measures. Record-keeping, procedures and training 25. Record-keeping. keeping and legal proceedings. 25A. Risk assessment. 26. Policies and procedures. 26A. Approval of policies, controls and procedures. 27. Training. 28. Internal reporting procedures.

7 29. Supervisory authorities. 30. Duties of supervisory authorities. 30A. Supervisory authorities: duty to inform GFIU. 30B. Secure communication systems. 30C. Criminal checks. 31. Duty to cooperate with EBA, EIOPA and ESMA. 32. Supervisors, etc. to report evidence of money laundering. 33. Criminal offences. 34. Offences by bodies corporate, partnerships and unincorporated associations. 34A. Data protection. PART IV. CONFISCATION OF THE Proceeds OF CRIMINAL CONDUCT. 35. Confiscation orders. 35A. Committal by magistrates' court 35B. Sentencing by Supreme Court. 36. Postponed determinations. 37. Assessing the Proceeds of criminal conduct. 38. Amount to be recovered under confiscation order. 39. Meaning of amount that might be realised and realisable property . 40. Value of property, etc. Government of Gibraltar ( ).

8 2015-22 Proceeds of Crime 41. Gifts caught by this Part. 42. Application of procedure for enforcing fines. 43. Interest on sums unpaid under confiscation orders. 44. Reconsideration of case where the court has not proceeded under section 35. 45. Re-assessment of whether defendant has benefited from criminal conduct. 46. Increase in realisable property. 47. Revised assessment of Proceeds of criminal conduct. 48. Inadequacy of realisable property. 49. Compensation. 50. Powers of the court where the defendant has absconded or died. 51. Effect of conviction where the court has acted under section 50. 52. Variation of confiscation orders made by virtue of section 50. 53. Compensation, etc. where absconder is acquitted. 54. Power to discharge confiscation order and order compensation where absconder returns.

9 55. Provisions supplementary to sections 52, 53 and 54. 56. Statements relating to criminal conduct. 57. Provision of information by defendant. 58. Cases in which restraint orders and charging orders may be made. 59. Restraint orders. 59A. Enforcement abroad. 60. Charging orders in respect of land, securities, etc. 61. Charging orders: supplementary provisions. 62. Realisation of property. 63. Application of Proceeds of realisation and other sums. 64. Exercise by the court or receiver of powers for the realisation of property. 65. Bankruptcy of defendant, etc. 66. Liquidation or Administration of company holding realisable property. 67. Persons acting as insolvency practitioners. 68. Receivers: supplementary provisions. PART V. CIVIL RECOVERY OF THE Proceeds ETC. OF UNLAWFUL. CONDUCT. Chapter 1.

10 Introductory 69. General purpose of this Part. 70. Unlawful conduct . 70A. Gross human rights abuse or violation . 70B. Gross human rights abuse or violation Supplementary. 71. Property obtained through unlawful conduct . Government of Gibraltar ( ). Proceeds of Crime 2015-22 . Chapter 2. Civil Recovery Proceedings for recovery orders 72. Proceedings for recovery orders. 73. Associated property . Property freezing orders 74. Application for property freezing order. 75. Variation and setting aside of order. 76. Exclusions. 77. Restriction on proceedings and remedies. 78. Receivers in connection with property freezing orders. 79. Powers of receivers appointed under section 78. 80. Supervision of section 78 receiver and variations. Interim receiving orders 81. Application for interim receiving order.