Updates To Gibraltar's AML And CFT Legislation (February 2021)

The Proceeds of Crime (Miscellaneous Amendment) Act 2021 came into force on 9th February 2021 and amended a number of pieces of Gibraltar legislation, most prominently the Proceeds of Crime Act 2015 (POCA).

Some of the key changes to POCA relate to the following:

• the definition of "beneficial owner" has been clarified;
• there is a new definition for "Listed Entity";
• the list of "relevant financial businesses" (RFB) has been expanded;
• the customer due diligence (CDD) measures that RFBs must apply have been amended to clarify what the legal and regulatory requirements are;
• RFBs continue to be required to review their existing CDD documentation on a risk-based approach but an amendment also requires "materiality" to be taken into consideration;