The Gibraltar Financial Intelligence Unit (GFIU) has released its 2024 Annual Report, marking a transformative year in its ongoing efforts to combat money laundering, terrorist financing, proliferation financing and other criminal conduct. The report highlights a year of growth, technological advancement, international cooperation, and sharper strategic focus.

In his introduction, the GFIU’s Director Edgar Lopez, reflects on 2024 as a pivotal period in which the GFIU doubled its workforce, expanded its strategic reach, and enhanced innovation to strengthen the integrity of Gibraltar’s financial system.

"This year was about scale, support, and strategy," said Edgar Lopez. "Our investment in people, partnerships, and technology has enabled us to not only respond to threats, but to anticipate them. We’ve built a stronger, more agile, and future-ready FIU, one that Gibraltar can be proud of."

The GFIU’s team nearly doubled in size within six months following the approval of its 2024 business case. New roles such as Intelligence Managers have enhanced the organisation’s operational capability and allowed senior management to focus on strategic development.

The GFIU’s flagship outreach program, Project Nexus, delivered targeted training, engagement clinics, and a new e-learning workshop focused on money mule schemes. It led to more improvements in SAR quality and improved collaboration between the GFIU and reporting entities.

Gibraltar strengthened its global presence in 2024 through the GFIU’s active participation in key international financial intelligence networks. Director Edgar Lopez and Head of Operations Carl Ramagge continued to contribute to working groups and co-leading on global anti money laundering and counter proliferation financing projects.

The 2025 Strategic Analysis Report highlighted Gibraltar’s evolving risk landscape. Suspicious Activity Reports (SARs) increased by 1.7% to 4,950, with the VASP sector nearly doubling its disclosures. Fraud-related SARs surged, particularly involving investment scams and Ponzi schemes, and cases linked to child sexual exploitation and abuse via the darknet increased. Consent requests also rose 28%, driven by high reporting from the gaming and banking sectors.

Intelligence exchanges by the GFIU also saw a marked improvement over the past year. More than 500 spontaneous reports were disseminated to 36 jurisdictions, a 30% rise from 2023. While incoming Egmont requests declined slightly, outgoing requests jumped by 50%, reflecting Gibraltar’s growing contribution to global financial intelligence. Quality also remained high, with 98% of SARs where feedback had been provided met the required standards, and defensive SARs fell to just 0.7%, highlighting the success of the GFIU’s continued engagement with reporting entities.

Minister for Justice, the Hon Nigel Feetham KC MP, said: “The GFIU’s growth and strategic direction mark a significant advancement in Gibraltar’s AML/CFT framework. This annual report highlights a unit that is not only proactive but also setting a benchmark on the international stage. I am proud to have supported the necessary investment in resources to enhance the GFIU’s capabilities. I commend their clear vision and sustained efforts in driving progress for both Gibraltar and the broader financial intelligence community.”

For more information, download the full report here.