The Rockís high standards
Sir, As a professional working in the financial services sector in Gibraltar, I cannot allow the unfounded claims and implications of money-laundering in your editorial (November 9-10) to go unanswered. Companies in Gibraltar prepare and file accounts according to UK accounting standards and accountancy firms in Gibraltar, many of whose staff are UK-qualified, carry out audits of these companies in accordance with UK auditing standards.
The significant majority of financial institutions in Gibraltar are subsidiaries or branches of major international firms (including UK firms) that are required to comply with group policies and procedures, and are subject to regular internal audit inspections. The Financial Services Commission, the financial regulator in Gibraltar, recently upgraded its anti-money-laundering regulations, which at least match if not go further than those in the UK. Balances in banks in Gibraltar are minuscule compared with those of other jurisdictions and therefore any significant transactions are easily identified and investigated as part of the banks monitoring of accounts.
Gibraltar is not perfect but money-laundering is a worldwide problem, and local institutions work hard to ensure that controls against money-laundering are as strong as they can be. This notion that Gibraltar is a place where it is easier to launder money than either London or the Costa del Sol is pure wishful thinking on the part of the Spanish government, which has been spreading this misinformation to the media for years but has never been able to supply a shred of evidence.
Christian Summerfield, Maida Vale, Gibraltar
Thanks from friends
The FRIENDS OF MOUNT ALVERNIA would like to express their sincere thanks to all those who helped with the Sale of Work, which they held at the Piazza on Saturday the 9th of this month.
There were a lot of cakes, plants and other items donated, handicraft, and the other items in our stall, and there was a raffle of several items.
The winning numbers of the raffles were:
First - Hamper of fruit and vegetables: White Ticket. No.979 Winner: Mrs. T. Mercieca. Second - Hand embroidered pictures: White Ticket. No.558. Winner: Miss. C. Ferrary. Third - 20 Piece Dinner set: White Ticket. No.947. Winner: Mrs. Rossi Balloqui. Cake raffle - Pink Ticket. No. 355. Winner: Mrs. De Veras.
The total collected from the sale of work amounted to £821.82. Thanks to the effort of the helpers, the generosity of those who donated the items, and of the public in general.
The Hand Made Dollís House Raffle was drawn with Draw 23 of the 18th of this month and the winning number was 9356. This prize has not yet been claimed. PLEASE CHECK YOUR TICKETS and claim it before the 18th December 2002. Contact numbers are: Telephone: 77503 or 78483 or 42436 or 76681 Ext. 235. Thank you.