Financial Crime Still Lurks in Gibraltar Despite Removal from Watchlist

Gibraltar’s recent removal from the Financial Action Task Force (FATF) grey list has been met with celebration, but experts warn that the problem of financial crime is far from solved.

A Brief History

In 2022, Gibraltar was removed from the FATF grey list after a successful inspection by FATF officials and a commitment to implement reforms aimed at preventing money laundering, terrorist financing, and the trade in banned weapons. However, critics argue that this decision does not necessarily mean that financial crime has been eradicated in Gibraltar.

The Ongoing Threat

“Financial crime is still a major issue in Gibraltar, and it requires continued vigilance to prevent its spread,” said a local financial expert. Despite efforts by the government to address the issue, some experts believe that more needs to be done to prevent money laundering and other forms of financial crime from taking place in the territory.

• The Rock’s financial sector is still a major magnet for criminal activity.
• The government needs to do more to prevent money laundering and other forms of financial crime.

Government Response

Gibraltar’s Chief Minister Fabian Picardo has acknowledged the ongoing threat posed by financial crime, stating that the government will continue to work closely with international partners to combat this problem. However, some experts have questioned whether the government has done enough to address the issue.

• The reality is that Gibraltar’s financial sector is still a major magnet for criminal activity.
• The government needs to do more to prevent money laundering and other forms of financial crime from taking place in our territory.

International Recognition

Despite concerns about the ongoing threat of financial crime, Gibraltar’s removal from the grey list has been welcomed by many as a significant step forward for the territory’s reputation as a trusted international financial centre. The UK has also taken Gibraltar off its own grey list as a result of the FATF decision, further enhancing the Rock’s standing.

Conclusion

While Gibraltar’s removal from the grey list is a positive development, experts warn that complacency is not an option and that continued efforts are needed to prevent financial crime from taking hold in the territory. “This is a significant challenge that requires sustained effort and commitment,” said a local business leader. “We need to stay vigilant and work together to ensure that our financial sector remains transparent and trustworthy.”