Financial Crime World

Gibraltar Makes Significant Progress in Compliance Risk Assessment, Say FATF Experts

Gibraltar’s Financial System Strengthened through Improved Compliance with FATF Standards

In a welcome development, Gibraltar has made significant progress in improving its level of compliance with the Financial Action Task Force (FATF) standards. This achievement is recognized by MONEYVAL, the FATF Style Regional Body.

Substantial Progress Made since 2019 Mutual Evaluation

A follow-up report reveals that Gibraltar has made substantial progress in strengthening its financial system and combating money laundering since its 2019 mutual evaluation. As a result, several key recommendations have been re-rated by MONEYVAL experts.

Key Recommendations Upgraded to Fully Compliant

The following key recommendations have been upgraded from partially compliant to fully compliant:

  • Recommendation 1: Availability and accessibility of financial institutions’ services
  • Recommendations 11, 12, 13, 22, 25, 26, and 28: Various aspects of anti-money laundering (AML) and combating the financing of terrorism (CFT)

Implementation of New International Requirements for Virtual Asset Service Providers

Gibraltar’s implementation of new international requirements for virtual asset service providers has been recognized. The country is now classified as “largely compliant” on Recommendation 15, marking a significant improvement from its previous rating.

Overall Compliance Status

According to the report, Gibraltar is now considered:

  • Fully compliant with 23 out of 40 FATF Recommendations
  • Largely compliant with 16 recommendations
  • Partially compliant with just one recommendation
  • Has no non-compliant ratings

Boost for Gibraltar’s Financial Sector

This development is seen as a major boost for Gibraltar’s financial sector, which is a significant contributor to the economy. The country’s efforts to strengthen its AML/CFT framework are expected to enhance its reputation as a trusted and secure jurisdiction for international business.

Enhanced Reputation Expected

Gibraltar’s improved compliance status is expected to enhance its reputation as a trusted and secure jurisdiction for international business. This achievement demonstrates the country’s commitment to strengthening its financial system and combating money laundering and terrorist financing.