13 Jun, 2024 @ 19:00
1 min read

Gibraltar upgraded as ‘largely compliant’ in tackling money laundering and terrorist financing by European watchdog MONEYVAL

GIBRALTAR has been marked as ‘largely compliant’ in its progress at tackling money laundering and terrorist financing.

The award comes from the Council of Europe’s Committee of Experts on Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), which upgraded it from ‘partially compliant’.

The latest report indicates that Gibraltar has mostly managed to meet the international standards set by the Financial Action Task Force (FATF).

Currently, out of 40 FATF recommendations, Gibraltar has achieved a ‘compliant’ rating for 23 and ‘largely compliant’ for 17.

READ MORE: EXCLUSIVE: Explosive allegations against gaming firm Mansion shake Gibraltar and raise questions about business links with former finance minister

Sotogrande Beach With Gibraltar In Background Flickr Gailhampshire
Gibraltar has scored another win after the MONEYVAL watchdog marked it as ‘largely compliant’

The territory has been lauded for its improving its international cooperation, which fell under Recommendation 36.

MONEYVAL assesses compliance with the main international standards to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction. 

It evaluates 33 states and territories, providing recommendations for necessary improvements to their systems.

The government lauded the achievement, claiming it put Gibraltar ‘in the top 11 of the global network’s most compliant jurisdictions.’

The Minister for Justice, Trade and Industry, the Hon Nigel Feetham KC MP, said: “Moneyval’s report, and our position with respect to the ratings achieved, are more evidence as to Gibraltar’s compliance in these areas when measured against the most stringent international standards. 

“I am grateful for the continued work from all our stakeholders in this regard.”

The good news follows on from Gibraltar’s removal from FATF’s grey list in March.

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.

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? walter@theolivepress.es
@waltfinc

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