Italian investigation links 1980s Gibraltar firms to alleged mafia money laundering network

Two companies registered in Gibraltar in the 1980s have been identified by Italian prosecutors and the Guardia di Finanza, the Italian finance police, as allegedly being linked to a major mafia money laundering operation.

According to reports in the Italian and international press, assets seized by police include gold, financial holdings and luxury properties across several countries, with investigators allegedly tracing investments in Spain, Gibraltar, the Cayman Islands and Lebanon.

Italian regional newspaper La Sicilia identifies TUCAN ESTATES Limited and STRANGEWAYS Limited, both registered in Gibraltar in 1986, as corporate and financial vehicles allegedly linked to the network.

The paper claims the companies did not produce goods or services, but were instead allegedly used to open encrypted bank accounts in Andorra, Luxembourg, Monaco and Switzerland, allowing money to be transferred internationally and invested in financial markets.

The investigation centres on the network surrounding Matteo Messina Denaro, one of Italy’s most notorious mafia bosses, who was arrested in 2023 after spending 30 years on the run.

While Gibraltar has been identified as part of the alleged financial structure, there are currently no allegations against Gibraltar authorities or local financial institutions.

GBC has contacted the Gibraltar Financial Intelligence Unit and the Royal Gibraltar Police to ask whether they have been involved in the international investigation, or whether any enquiries are being carried out locally in connection with the allegations.