Gibraltar non co-operatation in Spain’s fight against money laundering

23:49 El NACHO 0 Comments

The government of Spain has requested has requested the OECD (Organization for Economic Co-operation and Development) to return Gibraltar to its list of non-cooperative off-shore financial services centre because of its ‘opacity’ and its location close to the Costa del Sol, as part of Spain’s fight against money laundering.The OECD has so far considered the Rock ‘co-operative’ because of its ‘commitment to European law and response to recommendations made by international organizations such as the International Financial Action Group.Nevertheless, Spain alleges that Gibraltar makes no effort to co-operate with the fiscal services of its northern neighbour, despite the fact that the British Colony is in a ‘risk zone’ between Southern Spain and Northern Africa, as well as close to the Costa del Sol, where ‘real estate’ corruption, money laundering and drug trafficking are present.Over the last few years, Gibraltar has become a ‘paradise’ for online gambling, which is also a worry for experts in money laundering techniques, and is an international financial centre that is ‘not as modest as the Gibraltar authorities insist on saying.
The Rock has close to 30,000 inhabitants, yet is home to 19 banks, 10 branches of international organizations, 17 insurance companies, over 30 insurance brokers, 30 investment companies, 15 money exchange offices and 28,000 active companies of various denominations. Spain considers these facts as contributing to the colony’s ‘opacity’ and puts forward an example: neither Britain nor Gibraltar were willing to co-operate with investigations into the ‘Ballena Blanca’ case uncovered in Marbella. Sources close to the Spanish Ministry of Economy and to others such as the Banco de España and the National Stock Exchange Commission have stated that, in terms of fiscal control, ‘nothing has advanced as far as Gibraltar is concerned’.
Therefore Madrid wants Gibraltar to once again be placed on the ‘black list’ of uncooperative off-shore centres that includes Andorra, Liberia, Liechtenstein, the Marshall Islands and Monaco, among others.