GIBRALTAR IS ONE OF FOUR JURISDICTIONS TO BE REMOVED FROM THE FINANCIAL ACTION TASK FORCE’S (FATF) GREY LIST
Results of the FATF Plenary
Following the FATF Plenary held between the 21st and 24th February, Gibraltar, Uganda, Barbados and the United Arab Emirates were officially removed from the grey list.
The Plenary acknowledged the significant progress made by these jurisdictions in addressing anti-money laundering (AML) and counter-terrorist financing (CTF) concerns identified in previous evaluations.
Each jurisdiction had previously agreed to an Action Plan aimed at resolving specific issues within a designated time-frame. As a result of successful on-site visits, these countries will no longer be subject to increased monitoring by the FATF and will work with their respective FATF-style regional bodies to further strengthen their AML/CTF regimes.
Additionally, Kenya and Namibia were added to the grey list during the Plenary, while no new jurisdictions were categorised as ‘High-Risk Jurisdiction’ subject to a call for action.
Gibraltar’s two-year process
The FATF had formally placed Gibraltar on the grey list in June 2022 due to perceived deficiencies in pursuing regulatory sanctions and final confiscation judgments.
At its October 2023 plenary meeting last year, the FATF determined that Gibraltar had substantially completed its action plan points and warranted an on-site assessment to verify that (i) the implementation of AML/CFT reforms had begun and was being sustained and that (ii) the necessary political commitment remained in place to sustain implementation in the future.
As of last Friday, Gibraltar has officially been whitelisted by the FATF.
The Chief Minister, the Hon Fabian Picardo KC MP:
“This is very welcome news and I am delighted that our continued and ongoing work and political commitment to future development has been recognised. I am grateful to all the agencies and authorities that have contributed to this work as well as the private sector that has wholeheartedly joined us in our fight against economic crime. Gibraltar’s FATF white listing not only enhances our reputation but also strengthens our position as a trusted and compliant international financial centre. This is excellent news for the Jurisdiction. I particularly want to highlight the work of successive Ministers Isola and Feetham in this regard. Their political leadership in financial services and Samantha Sacramento’s work in the Ministry for Justice has been essential in achieving this proud milestone.”
Minister for Justice, Trade and Industry, the Hon Nigel Feetham KC MP, confirmed:
“I gave my personal commitment last October that we would be white listed at the first opportunity. We have worked hard, very hard, to deliver this and I am sincerely grateful to all the team that have made this possible not least to all the relevant public servants and my former ministerial colleagues Albert Isola and Samantha Sacramento for their work. We have not only focused on our delisting, but on the work that we have already started to plan for the next evaluation, in three 3 years, to ensure we remain fully in line with the FATF standards. We are 100% committed to fighting economic crime and playing our part with the international community in tackling money laundering and terrorist financing.”
Gibraltar’s removal from the Grey List recognises its continued progress in aligning with global best practices and demonstrates its complete commitment to the FATF processes.
