19 Feb, 2024 @ 17:00
1 min read

Fingers crossed on the Rock that Gibraltar will finally be removed from FATF’s money laundering ‘grey list’ this week

GIBRALTAR has high hopes that it will finally be removed from the Financial Action Task Force’s ‘grey list’ when the group meets in Paris this week.

The Rock was placed on the watch list of the global money laundering and terrorist financing watchdog in June 2022.

Since then, officials have strived to comply with 98 recommendations to tighten the holes in its money laundering, terrorist financing, and proliferation financing processes.

FATF announced in October that Gibraltar had ‘substantially completed’ its action plan and agreed to send an inspection team in person to check compliance.

It originally fell foul over two issues: the need for more robust regulatory sanctions – particularly in the legal and gambling sectors – and the need for more effective final asset restraints arising from money laundering investigations by law enforcement agencies. 

“As we continue our planning, we remain focused and committed to Gibraltar’s continued compliance with FATF standards in our efforts to secure Gibraltar’s delisting and always remaining white-listed,” said Nigel Feetham, the Minister for Justice, Trade and Industry.

“A huge amount of work and effort has and is being put into this.”

Many were shocked when Gibraltar slipped onto the grey list over two key issues.

FATF said Gibraltar needed to be tougher in punishing businesses that don’t comply with the jurisdiction’s rules, especially in legal and gambling sectors. 

They also wanted Gibraltar to do better at confiscating assets gained from money laundering. 

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