Gibraltar Adopts INTERPOL’s I-GRIP Mechanism to Freeze Illicit Funds

The Gibraltar Financial Intelligence Unit (GFIU) has unveiled a new tie-up with INTERPOL that would strengthen the British Overseas Territory’s anti-financial fraud mechanisms. Known as a major licensing hub for gambling, Gibraltar is always at a higher risk of being exploited by criminal organizations.

GFIU Joins Forces with INTERPOL

According to the announcement, Gibraltar’s GFIU has teamed up with the local INTERPOL sub-bureau and will leverage the international organization’s Global Rapid Intervention of Payments (I-GRIP) mechanism to prevent financial fraud.

The mechanism will allow Gibraltar to better identify criminal activities and freeze illicit funds in time. This will allow the government to recover money acquired through criminal means before it can be laundered or moved out of reach.

I-GRIP, for context, has been designed specifically to allow the swift freezing of criminal funds. The system will be integrated into the operations of the GFIU and will provide it with the capability to take immediate action once suspicious transactions have been spotted.

In addition, the partnership will provide the Financial Intelligence Unit with the opportunity to collaborate with a broader community of international organizations working alongside INTERPOL to stop financial crime.

Gibraltar Recognizes the Importance of Preventing Crime

As mentioned, Gibraltar is known as a major licensing hub for online gambling. Similar territories have often faced accusations of lax oversight and insufficient regulatory measures.

Despite receiving similar critiques in the past, Gibraltar recently managed to exit the Financial Action Task Force’s (FATF) grey list. The list, for context, designates regions, which are associated with higher anti-money laundering (AML) and counter-terrorism financing (CTF) risks.  

As a result, exiting the grey list represented a major victory for Gibraltar.

The new agreement with INTERPOL, on the other hand, is in line with the GFIU’s desire to crack down on crime and corruption. The unit reiterated its commitment to preventing criminals from exploiting financial systems to steal money.

As fraud tends to evolve, the GFIU promised to continue to invest in modern technology and remain ahead of the curve when it comes to cracking down on fraud.

Edgar Lopez, director of the GFIU, commented on the collaboration with INTERPOL, calling it another step forward in the financial unit’s ability to take economic crime on and prevent illicit funds from disappearing beyond reach.

By combining I-GRIP and our suspension order powers, we are strengthening our financial defenses, ensuring that criminals cannot profit from their activities. More importantly, we are enhancing support for victims by improving the chances of asset recovery.

Edgar Lopez, director, GFIU

In the meantime, Richard Ullger, commissioner of police at the Royal Gibraltar Police, emphasized the importance of preventing financial crime by any means possible. He praised the addition of I-GRIP into the enforcement strategy of Gibraltar and said that it would be an important tool.