Gibraltar Takes Significant Step in Combating Terrorist Financing Methods

Improved Compliance with International Agreements

A recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has highlighted Gibraltar’s efforts to strengthen its measures against money laundering and terrorist financing. As a result, Gibraltar has achieved an upgrade in its rating from ‘Partially Compliant’ to ‘Largely Compliant’.

Key Factors Contributing to the Upgrade

• Alignment with International Agreements: Gibraltar has implemented legislative acts and other measures to fully comply with UN conventions on suppressing the financing of terrorism and against corruption.
• Extension of Conventions by the UK: The UK extended these conventions to Gibraltar in December 2019, demonstrating its commitment to supporting the territory’s efforts.

Gibraltar’s Strong Record

• 23 out of 40 FATF Recommendations Rated ‘Compliant’: Gibraltar has achieved significant progress in complying with international standards.
• 17 out of 40 FATF Recommendations Rated ‘Largely Compliant’: The territory continues to work towards full compliance with all recommendations.

Experts Hail Gibraltar’s Progress

• “Gibraltar’s move towards greater compliance with anti-money laundering and counter-terrorist financing regulations demonstrates its commitment to protecting its reputation and maintaining confidence in its financial sector.” - A MONEYVAL spokesperson

Continuous Improvement and Collaboration

MONEYVAL will continue to monitor Gibraltar’s progress, providing guidance and recommendations for further improvement as needed. The report highlights the importance of collaboration between governments and international organizations in combating terrorist financing.

Gibraltar’s efforts serve as an example of effective cooperation in the global fight against this complex threat.