Legal Support for Civil and Criminal Litigation in Gibraltar

Legal Support for Civil and Criminal Litigation in Gibraltar

Litigation is a legal process involving the resolution of disputes through the court system. In Gibraltar, civil and criminal litigation encompasses a wide range of legal matters, from personal disputes to serious criminal charges. It is crucial to understand the distinctions between civil and criminal cases and the legal processes involved in each.

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Property Law Services in Gibraltar

Property Law Services in Gibraltar

Strait Law has extensive experience in property law, making us well-equipped to handle a wide range of property matters. Our in-depth knowledge of Gibraltar’s legal landscape ensures that we provide accurate and reliable advice. Our dedicated team of professionals is committed to delivering high-quality legal services to our clients.

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Category 2 Status in Gibraltar

Category 2 Status in Gibraltar

In 2024, Gibraltar continues to offer attractive incentives for individuals seeking to relocate under its Category 2 status. This special tax status is designed for high-net-worth individuals, providing favourable tax conditions and enhancing Gibraltar’s appeal as a residential destination. Strait Law provides an expert overview of what Category 2 status entails and the implications for those considering this option.

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Buying Property in Gibraltar

Buying Property in Gibraltar

Buying property in Gibraltar is a significant decision with many legal and financial considerations. This blog provides insights into the market, outlines the legal framework, and discusses essential steps like financial planning and property valuation, aimed at helping buyers make well-informed decisions

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Redundancy and Your Rights as an Employee in Gibraltar

Redundancy and Your Rights as an Employee in Gibraltar

Explore your rights and protections under Gibraltar’s redundancy laws with our comprehensive guide. Learn about the legal foundations, notification processes, fair selection criteria, redundancy pay calculations, and your rights to appeal. Ensure you’re well-informed and prepared if you face redundancy in Gibraltar

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Residential Property law in Gibraltar

Residential Property law in Gibraltar

Residential Property law in Gibraltar: Brief overview of the conveyancing process

At Strait Law, our team of dedicated barristers and solicitors are well-versed in Gibraltar’s property law and are here to guide you through every step of the process. In this post, we will provide an overview of our conveyancing service and share some tips for navigating the property market.

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Strengthened Financial Controls Lead to Removal from High-Risk List

by | Apr 26, 2024 | Business Law, Gibraltar news, Solicitors | 0 comments

Gibraltar’s Status Update: Strengthened Financial Controls Lead to Removal from High-Risk List

Gibraltar has recently bolstered its position as a global financial hub, following significant enhancements to its financial regulatory framework. In a notable development, the European Commission in February 2024 excised Gibraltar from its roster of high-risk third countries, previously flagged for “strategic deficiencies” in anti-money laundering (AML) and countering the financing of terrorism (CFT) protocols. This decision, activated last week, reflects Gibraltar’s concerted efforts to fortify its financial controls, addressing the issues spotlighted by the Financial Action Task Force (FATF).

Under the Fourth Anti-Money Laundering Directive (4MLD), adopted by the EU in 2017, a structured legal approach was established to deter and fight money laundering and terrorist financing. This Directive allows the European Commission, via Article 9(2), to list countries as high-risk if they exhibit deficiencies as identified by the FATF, an authoritative body setting global standards for AML/CFT. Being listed as high-risk can severely impact a jurisdiction, potentially obstructing financial transactions and deterring investors.

In December 2017, Gibraltar found itself on the EU’s high-risk list, prompted by AML/CFT framework concerns. Although not formally blacklisted, this status cast doubt on Gibraltar’s financial transparency and regulatory compliance, following the FATF’s identification of necessary improvements in Gibraltar’s AML/CFT practices, leading to its placement on the ‘grey list’ for increased monitoring. Gibraltar’s government robustly disputed the EU’s assessment, asserting that it had already enacted substantial reforms to align with FATF’s expectations.

These reforms were comprehensive, enhancing customer due diligence processes, including rigorous verification of client identities and the origins of their wealth. Financial institutions in Gibraltar were also mandated to conduct more detailed risk assessments to detect and prevent money laundering and terrorist financing. Moreover, Gibraltar improved its international cooperation, taking significant steps to work closely with global law enforcement bodies to exchange information and combat transnational financial crimes.

Gibraltar’s proactive engagement with the FATF, addressing all the specified concerns, led to its recognition as a compliant jurisdiction last month. Following this, the European Commission promptly removed Gibraltar from the high-risk list. This reclassification is anticipated to elevate investor trust in Gibraltar’s financial market integrity. Practically, it also simplifies the administrative processes for financial transactions linked to Gibraltar-based entities, marking a pivotal step in reinforcing the territory’s standing as a trusted financial centre.