Gibraltar’s Compliance Risk Assessment Tools Under Scrutiny: FATF Recommendations Shape Evaluation

A thorough evaluation of Gibraltar’s compliance risk assessment tools has been conducted by the Financial Action Task Force (FATF). The assessment was based on the 2012 FATF Recommendations and used the 2013 Methodology to gauge the country’s performance.

Background

The evaluation was informed by information provided by the Gibraltar government and gathered during an on-site visit by the evaluation team. This comprehensive assessment aimed to review the effectiveness of Gibraltar’s compliance risk assessment tools in addressing money laundering, terrorist financing, and other financial crimes.

Methodology Used

The assessment used the 2013 FATF Methodology to evaluate Gibraltar’s performance. This methodology provides a framework for assessing countries’ anti-money laundering and counter-terrorist financing systems.

Findings and Recommendations

The evaluation highlighted several key issues that require attention from Gibraltar authorities. To address these issues, priority actions have been identified to improve the effectiveness of its compliance risk assessment tools.

• Addressing Key Issues: Gibraltar authorities are being held accountable for addressing key issues highlighted in the report.
• Improving Effectiveness: Priority actions have been identified to improve the effectiveness of Gibraltar’s compliance risk assessment tools.

Conclusion

The FATF evaluation aims to support Gibraltar in strengthening its anti-money laundering and counter-terrorist financing systems. By implementing the recommended improvements, Gibraltar can enhance its reputation as a financial hub and demonstrate its commitment to combating financial crimes.