The Gibraltar Financial Intelligence Unit (GFIU) has partnered with the country’s INTERPOL sub-bureau to strengthen its battle against financial crime.
At the heart of this initiative is the use of INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism, which aims to identify, freeze and recover illicit funds before criminals can move them beyond reach, as reported by iGaming Expert.
Edgar Lopez, Director of the GFIU, commented: “This collaboration with INTERPOL represents another step forward in our ability to combat economic crime. The ability to act swiftly is critical in preventing illicit funds from being moved beyond reach.
“By combining I-GRIP and our suspension order powers, we are strengthening our financial defences, ensuring that criminals cannot profit from their activities. More importantly, we are enhancing support for victims by improving the chances of asset recovery.”
I-GRIP is a global stop-payment system that seeks to intervene in cases of fraud, money laundering, business email compromise and other financial crimes. This integration will allow real-time data sharing between INTERPOL’s international network, the GFIU and the Royal Gibraltar Police’s economic crime unit.
As noted by Lopez, the GFIU will be able to suspend suspicious transactions through I-GRIP. While offering the agency more control, the partnership aims to ensure that victims have a greater chance of recovering stolen assets.
Financial crimes are constantly evolving and becoming more sophisticated, which puts greater pressure on agencies like the GFIU to combat these bad actors. The most significant methods of achieving this are investing in advanced technology, sharing intelligence and cross-border cooperation.
Last year, Payment Expert learned how companies are using AI to fight against fraud. This was highlighted by Roger Alexander, Key Advisor to Chargebacks911, viewing AI as both the hero and the enemy when it comes to financial crime.
Additionally, fraudsters seldom work alone and instead often work in large groups, highlighting the importance of cooperation between not just agencies, but countries as well.
The Commissioner of Police, Richard Ullger, said: “Financial crime is a growing threat, often involving international networks that seek to exploit legal and jurisdictional gaps. By joining forces with INTERPOL and integrating I-GRIP into our enforcement strategy, we are reinforcing our ability to disrupt criminal activities, giving our officers at the Economic Crime Unit another tool at their disposal.”
