Gibraltar Boosts Compliance with International Anti-Money Laundering Agreements

A Significant Upgrade for Gibraltar

The British Overseas Territory of Gibraltar has made significant strides in improving its measures to combat money laundering and terrorist financing. According to a follow-up report published by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), Gibraltar has aligned its legislation with provisions of relevant international agreements.

Aligning Legislation with International Standards

MONEYVAL found that Gibraltar had achieved a notable upgrade in its rating from ‘Partially Compliant’ to ‘Largely Compliant’ with Recommendation 36 of the Financial Action Task Force (FATF). This recommendation requires countries to align their legislation with provisions of relevant international agreements.

Major Milestone: Extension of UN Conventions

A major milestone was reached when the United Kingdom extended UN conventions on suppressing the financing of terrorism and against corruption to Gibraltar in December 2019. Following this development, Gibraltar adopted necessary legislative acts and measures to fully implement the UN convention against the illicit traffic in narcotic drugs and psychotropic substances.

Progress Made in Complying with International Anti-Money Laundering Standards

As a result of these efforts, Gibraltar has made substantial progress in complying with international anti-money laundering standards. Currently:

• Out of 40 recommendations from the FATF, Gibraltar boasts:
  • 23 ‘Compliant’ ratings
  • 17 ‘Largely Compliant’ ratings