Financial Inclusion and Financial Crime in Gibraltar: A Step in the Right Direction

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Gibraltar has made significant strides in improving its financial regulations, according to a follow-up report from MONEYVAL, a FATF-style regional body. The report highlights the country’s progress in implementing the Financial Action Task Force (FATF) standards since its 2019 mutual evaluation.

Compliance Ratings Upgrade

The report reveals that Gibraltar has upgraded its compliance ratings on several key recommendations, including those related to anti-money laundering and combating terrorist financing. Specifically:

• Recommendations 1, 11, 12, 13, 22, 25, 26, and 28 have all been re-rated from “partially compliant” to “compliant”.
• Recommendation 15 on virtual asset service providers has been upgraded from “compliant” to “largely compliant”.

Progress and Milestones

The report concludes that Gibraltar is now:

• Compliant with 23 of the 40 FATF Recommendations
• Largely compliant with 16
• Partially compliant with just one
• Has no non-compliant ratings

This development marks a significant milestone in Gibraltar’s efforts to promote financial inclusion while combating financial crime. The country’s commitment to improving its financial regulations is likely to have a positive impact on its reputation as a reputable and secure financial hub.

Conclusion

Gibraltar’s progress in implementing the FATF standards demonstrates its dedication to promoting financial inclusion and combating financial crime. As the country continues to improve its financial regulations, it is likely to solidify its position as a reliable and secure financial hub for individuals and businesses alike.