5 Mar, 2024 @ 09:51
1 min read

Gibraltar finally receives blessing to be removed from FATF ‘grey list’ by economic crime watchdog

GIBRALTAR has finally been removed from the Financial Action Task Force’s (FATF) ‘grey list’ after nearly two years of heightened scrutiny.

The announcement was made last Friday during a Paris summit by the FATF, the global money laundering and terrorist financing watchdog supported by around 40 countries and international organisations.

The Rock was placed on the grey list in June 2022 over what was perceived to be inadequate regulatory controls in the legal and gambling sectors – the former making up a whopping 28% of the economy.

However, last week’s plenary session hailed the achievements of Gibraltar, alongside Barbados, Uganda, and the United Arab Emirates who also escaped onto the white list.

They were acknowledged for their ‘substantial progress’ in working on strategic shortcomings the watchdog had identified in previous evaluations. 

“These jurisdictions had committed to implement an Action Plan to swiftly resolve the identified strategic deficiencies within agreed timeframes,” the FATF said in a statement.

In response to this international recognition, the UK promptly followed suit, removing Gibraltar from its own grey list.

Gibraltar’s removal from the grey list is expected to boost its reputation as a jurisdiction of good standing, which could attract new investment and economic opportunities for the territory.  

Chief Minister Fabian Picardo expressed his elation at the news, praising the collaborative efforts of local agencies, authorities, and the private sector in combating 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,” Picardo stated.

The Council of Europe’s anti-money laundering and counter-terrorist financing body, MONEYVAL, also welcomed Gibraltar’s delisting.

The Rock had hoped to be white-listed in October, but an evaluation found that fell foul over two issues. The first was the need for more robust regulatory sanctions for firms that flouted the rules.

The second was a need for more effective asset confiscation from money laundering investigations by Gibraltar’s law enforcement agencies. 

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Walter Finch

Walter - or Walt to most people - is a former and sometimes still photographer and filmmaker who likes to dig under the surface.
A NCTJ-trained journalist, he came to the Costa del Sol - Gibraltar hotspot from the Daily Mail in 2022 to report on organised crime, corruption, financial fraud and a little bit of whatever is going on.
Got a story? [email protected]
@waltfinc

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