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Please see below new summary of Gibraltar’s compliance with international obligations (OECD, FATCA etc):

Gibraltar Compliance with international obilgations

GEMA is delighted to be admitted as a new member to the Gibraltar Finance Centre Council. Electronic payments and money is a sector where Gibraltar has distinct natural advantages deriving from its long standing and leading status as a regulated E-commerce hub and a strong international finance centre.

Commenting on this development, the GFCC Chairman, Peter Montegriffo and Deputy Chairman, Stephen Reyes said:

We warmly welcome the establishment of GEMA and its application to join the Finance Centre Council. The evolution of this sector demonstrates the continued diversification of our industry. It also highlights how Gibraltar is able to attract new skills to augment the professional base already serving our international clientele. We look forward to working closely with GEMA and the other associations within the Finance Centre Council to grow Gibraltar’s offering to clients and our international reputation”.

GEMA Chairman, Daniel Spier commented:

We are delighted to join the Gibraltar Finance Centre Council and work together with the its members. Our industry is growing at a tremendous pace and we believe Gibraltar could become a major centre for Electronic Money Issuers in Europe. Being a member of the GFCC will further assist us in growing Gibraltar as an eMoney hub for Europe.”

GEMA Secretary, Peter Howitt said:

The admission of the Gibraltar E-money Association into the Finance Centre Council is testament to all of the hard work done by the local industry as an association in the last few years. It also reflects the wider support this has gained for this innovative sector from the Gibraltar Government, the Financial Services Commission and the wider finance community, for which we are grateful.  This sector requires a high degree of commercial and technological innovation as well as a pragmatic risk based approach to managing the regulatory issues arising from cross-border activities. We have a highly skilled and cosmopolitan community in Gibraltar and we also have a long track record in E-commerce. Gibraltar is uniquely placed to be a leading electronic payments hub within Europe.

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Please see attached press a release just issued:

OECD and Council of Europe Convention on Mutual Administrative Assistance in Tax Matters extended to cover Gibraltar.

Coinciding with the signing of the Gibraltar-UK Intergovernmental Agreement (IGA) to improve international tax compliance on 21 November 2013, the OECD announced that the United Kingdom had deposited declarations extending the territorial scope of the OECD and Council of Europe Convention on Mutual Administrative Assistance in Tax Matters to cover Gibraltar.

Please click on the following link to read further:

Please see attached a press release just issued:

HM Government of Gibraltar signs Intergovernmental Agreement (IGA) with the United Kingdom to improve international tax compliance (FATCA).

The Hon. Albert Isola MP, Minister with responsibility for Financial Services, signed an Intergovernmental Agreement (IGA) between Gibraltar and the United Kingdom to improve international tax compliance on Thursday 21 November 2013.

Please click on the following link to read further: 

European Parliament Register

Subject: Answer to written question on Gibraltar and collaboration on tax, financial services and money laundering matters

Date published: November 1 2013

Question for written answer E-010033/2013 to the Commission Rule 117 Sir Graham Watson (ALDE)

Subject: Gibraltar and collaboration on tax, financial services and money laundering matters

The International Monetary Fund’s report of May 2007 (Country Report No. 07/154) noted that ‘Gibraltar has a well-regulated financial sector. The Gibraltar authorities are concerned with protecting the reputation and integrity of Gibraltar as a financial centre, and are cognizant of the importance of adopting and applying international regulatory standards and best supervisory practices. Gibraltar has a good reputation internationally for cooperation and information sharing.’

Can the Commission state whether it has ever received a well-founded complaint regarding an alleged failure by the Government of Gibraltar to provide or exchange information or failure to collaborate generally on tax, financial services or money laundering matters?

EN E-010033/2013 Answer given by Mr Barnier on behalf of the Commission

To date the Commission has not received complaints meeting the description given by the Honourable Member.

The Gibraltar E-money Association welcomes the Gibraltar Financial Services Commission press release promoting Gibraltar’s experience and focus as a European centre of excellence for the growing e-money industry:

Heidi Bocarisa, Head of the Banking, E-Money and Investment Services Division commented;

“E-money in all its forms provides opportunities for the financial community to offer services to those who have previously been excluded from historic banking services. Additionally, with the increasing pressure to innovate and adapt, new technologies now provide innovative solutions to other age old problems. Cash, and the handling of it, can be cumbersome and expensive for financial institutions and businesses. It has also become a barrier to an effective economic system. We believe that Gibraltar is ideally located to expand its offering of well regulated and competitive solutions to this need”.

Daniel Spier Chairman of the Gibraltar Electronic Money Association (GEMA) commented:

“As an Association and a Business active in the E-money sector, we welcome this move by the FSC. We believe Gibraltar is an opportune jurisdiction within Europe from which to offer E-money services given the significant growth experienced within the industry.

On 24 July 2013, the Commission adopted a legislative package in the field of the EU payments framework. This package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs) will help the payments framework to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtures competition, innovation and security to the benefits of all stakeholders and consumers in particular. Modernisation of the legislative framework for retail payments was also defined as one of the key actions of the Commission Single Market Act II and is inter alia a response to the Commission’s Green Paper “Towards an integrated European market for card, internet and mobile payments” of 2012.

GIBRALTAR’S fast-growing reputation as a leading online payments jurisdiction was further endorsed this month with the founding of the Gibraltar Electronic Money Association (GEMA).

Members of an already thriving online payments business community in Gibraltar have formed the association to champion Gibraltar as the location of choice for global Payment Service Providers (PSPs), wishing to benefit from Gibraltar’s unique position within Europe.

GEMA members offer consumers (B2C) and/or businesses (B2B) the ability to load prepaid cards and accounts (such as electronic wallets) to carry out a wide range of transactions (online and physical).

In addition, the relatively new e-money and alternative payments industry offers a wide variety of focused solutions to meet growing government, business and consumer demand.

Key representatives from existing local businesses included: Wave Crest Group ( , IDT Financial Services (, Transact (, Payoneer  EU (  and Ramparts ( GEMA are adopting a collaborative approach to further their common goals and to help solve issues within the industry. GEMA also hopes to work more effectively alongside the Government’s regulatory body – the Financial Services Commission (FSC).

Marcus Killick stated “The FSC is supportive of the electronic money industry and is working closely with the industry for an efficient regulatory environment which complements the innovative approach of this sector.”

Already home to a thriving centre of commerce, Gibraltar is starting to be seen by many other global PSPs based in the US, UK and Asia, as a gateway to trade within the European marketplace.

Peter Howitt, Secretary of GEMA and Director of Ramparts, stated that “GEMA represents an exciting landmark in the development of Gibraltar as a respected and supportive business environment for payment innovators.”

Daniel Spier, GEMA Chairman and Managing Director of IDT Financial Services said “I am delighted to be one of the founding members of GEMA and believe that the collaborative approach of all the members will not just benefit the members of GEMA but also Gibraltar as a jurisdiction active within our industry.”

Notes to Editors

The Gibraltar E-Money Association (GEMA) held its inaugural meeting on Wednesday, October 3rd at Ramparts, 3rd Floor Montarik House, 3 Bedlam Court, Gibraltar.

For more information on GEMA or any of the roles of its members please contact

The GEMA website is currently under construction and will be launched in due course.

GEMA is featured in the business section of the current issue of Gibraltar International Magazine:

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