Gibraltar Raises the Bar in Combating Terrorist Financing Laws

Strengthening Measures Against Money Laundering and Terrorism Financing

In a significant move, Gibraltar has made notable progress in aligning its legislation with international agreements on combating terrorism financing. This comes after the United Kingdom extended UN conventions on suppressing terrorism financing and corruption to Gibraltar in December 2019.

Upgraded Rating from MONEYVAL Experts

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has upgraded Gibraltar’s rating from “Partially Compliant” to “Largely Compliant” with Recommendation 36. This development demonstrates Gibraltar’s commitment to upholding international standards and protecting its financial integrity.

Key Improvements

• Legislative Acts: Gibraltar has implemented legislative acts and other measures to fully enforce the UN convention against illicit drug trafficking and psychotropic substances.
• Increased Compliance with FATF Recommendations: Out of 40 recommendations, the territory currently meets 23 “Compliant” standards and 17 “Largely Compliant” requirements.

A Stronger Anti-Money Laundering Framework

Gibraltar’s efforts demonstrate its dedication to maintaining a robust anti-money laundering framework. This reinforces its position as a stable and secure jurisdiction for businesses and individuals.

Continued Vigilance and Cooperation

The report by MONEYVAL highlights the importance of continued vigilance and cooperation between governments, regulatory bodies, and other stakeholders to effectively combat money laundering and terrorist financing.