Finance attends Sanctions Strategic Meetings in London - 746/2024

Senior officials from the Ministry of Justice and the Gibraltar Financial Intelligence Unit (GFIU) were in London from 4th to 8th November for a series of sanctions-related strategic meetings and the C5's 14th Annual Forum on Global Economic Sanctions. These engagements were aimed at strengthening collaboration and aligning efforts in sanctions enforcement and compliance.

Monday, 4th November saw the officials attend the Foreign, Commonwealth and Development Office and Office of Financial Sanctions Implementation Overseas Territories Forum. This forum focused on sanctions enforcement, implementation and compliance. Participants from various overseas territories discussed the challenges related to sanction circumvention, resource allocation and sector-specific risks. The event featured updates on recent enforcement actions, policy developments, and strategies for international collaboration.

On the 5th November, the officials attended two sanctions workshops. The first focused on navigating complex compliance scenarios involving Russia and China, examining differences in EU, UK, and U.S. sanctions regimes, enforcement practices, and emerging risks, such as sanctions evasion tactics. The second workshop provided practical guidance on enhancing compliance programmes, updating risk assessments, and managing screening challenges amid evolving EU, UK, and U.S. sanctions frameworks.

The C5 Group's 14th Annual London Forum on Global Economic Sanctions was then held on 6th and 7th November. The forum brought together experts and leaders to discuss key trends in global sanctions compliance, enforcement, and the geopolitical challenges impacting current and future sanctions regimes. Topics included the complexities of international sanctions frameworks, strategies for mitigating compliance risks, and the integration of new approaches and technologies in sanctions enforcement.

The Hon. Nigel Feetham KC MP, Minister for Justice, Trade and Industry, stated, "Our participation in these crucial discussions confirms Gibraltar's ongoing commitment to ensuring the highest standards in sanctions enforcement and compliance. I am grateful to the Foreign, Commonwealth and Development Office and the Office of Financial Sanctions Implementation for inviting Gibraltar to take part in these events. By engaging with our international partners and learning from global best practices, we ensure that Gibraltar continues to play an active role in the global fight against sanctions circumvention and financial crime."

ENDS