banking in Gibraltar
Currently more than 20 banks are either represented in Gibraltar or actually authorised or licensed to provide full banking services. This area's banking sector represents more than 4.5 billion pounds sterling in assets.
Banks fall into three main categories:
Approximately 10 of the banks in current operation are licensed by Gibraltar's Financial Services Commission (FSC). These banks are fully regulated and supervised by the Gibraltar Government via the FSC.
Some banks are authorised by the EEA (European Economic Community) but not licensed by the FSC. Therefore, they are regulated by the laws in their home country, which in turn, would be regulated by European legislation. Gibraltar's FSC has limited responsibility for these institutions.
Some of the names in Gibraltar's banking sector are merely representing home offices. These banks can promote services from their home institutions, but nothing more. They receive somewhat closer regulation from Gibraltar's Financial Services Commission than do banks authorised solely by the EEA. Examples of overseas banks (in the year 2003) are two institutions from Jersey, one from the Isle of Man and another from Morocco.
There are no exchange control restrictions operating in Gibraltar, and no restrictions on remitting funds into or out of Gibraltar. Nor are there any restrictions on converting funds into other currencies.