Gibraltar Makes Progress in Compliance with Global Financial Standards

Gibraltar has made significant progress in improving its compliance with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards, according to a recent report. The jurisdiction’s efforts have yielded substantial results, addressing the shortcomings identified during its 2019 mutual evaluation by MONEYVAL, the FATF-style regional body.

Key Recommendations Re-Rated

As a result of these improvements, several key recommendations have been re-rated:

• Recommendations 1, 11, 12, 13, 22, and 25: Now considered compliant
• Recommendation 24: Upgraded from partially compliant to largely compliant
• Recommendations 26 and 28: Moved into the compliant category

Virtual Asset Service Providers

Notably, Gibraltar’s implementation of new international requirements for virtual asset service providers, established in the revised FATF Recommendation 15, has resulted in an upgrade from compliant to largely compliant on this key recommendation.

Compliance Progress

The latest report shows that Gibraltar is now:

• Compliant: With 23 out of 40 FATF recommendations
• Largely Compliant: With 16 recommendations
• Partially Compliant: With just one recommendation

Gibraltar has achieved a significant milestone by having no non-compliant ratings.

Commitment to Financial Integrity

These developments demonstrate Gibraltar’s commitment to maintaining the highest standards of financial integrity and its continued efforts to combat money laundering and terrorist financing.