Its reported the Gibraltar Financial Services Commission has announced a comprehensive review of the jurisdiction's anti-money laundering measures.

The review has seen the GFSC redraft the anti-money laundering guidance notes for the finance industry from top to bottom, with the proposed changes intended to clarify the existing laws while reducing paperwork and bureaucracy, and also encouraging finance industry participants to take a more active role in combating financial crime and terrorist financing.

The revised rules would also bring Gibraltar into compliance with the third money laundering directive, which comes into force next year, and the latest Financial Action Task Force (FATF) recommendations.

Formerly with the Manx FSC, Gibraltar's Financial Services Commissioner Marcus Killick ( pictured) said there was a need to move away from "tick and bash" approach to anti-money laundering.