The Royal Gibraltar Police has today, in a joint operation with the Financial Services Commission, carried out a number of targeted actions against retail outlets believed to have been undertaking unlicensed Bureau de Change business.
As a result nine premises have been searched and 17 persons have been arrested on suspicion of having committed offences under the Financial Services (Investment and Fiduciary Services) Act 1989.
FSC Chief Executive, Marcus Killick said:
“ Unlicensed bureaux are not only in breach of the criminal law itself but also represent a risk to the reputation of Gibraltar as they are highly vulnerable to being used by those engaged in money laundering. Whilst licensed bureaux are subject to anti money laundering obligations and are supervised by the FSC, no such controls exist in respect of unlicensed operators. We are deeply appreciative of the work of the RGP in heading up the operational aspect of today’s events. This is another example of the close cooperation between the FSC and the RGP in areas of mutual interest”.
The Commissioner of Police Mr Louis Wink also commented on" the excellent cooperation between the FSC and RGP" and said he was pleased with the results of the joint operation. He added that investigations continue and that other arrests cannot be ruled out. Other non-financial services licensing issues are also being looked at.
The 17 persons that have been arrested will be released on police bail.
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