Gibraltar’s Efforts to Comply with FATF Standards on Anti-Money Laundering
A Commitment to International Standards
The Government of Gibraltar has been actively working towards complying with Financial Action Task Force (FATF) standards on anti-money laundering and combating the financing of terrorism. This effort began in 2015, driven by HM Government’s commitment to international standards.
Key Milestones:
- 2015: Gibraltar joins Moneyval’s Anti-Money Laundering processes
- December 2019: Mutual Evaluation Report (MER) process begins
- June 2021: ‘Broad money’ exceeds 5 billion euros, necessitating a comprehensive review of its practical effectiveness
- June 2022: FATF places Gibraltar under increased monitoring (grey listing)
- 2023: Gibraltar continues to work on implementing its action plan
Progress and Challenges
While significant improvements have been made in technical compliance, there are still areas for improvement. The FATF has noted progress but encourages further efforts to address strategic deficiencies.
Recent Developments:
- 2023: FATF determines that Gibraltar has substantially completed its action plan
- 2023: On-site assessment underway
A Commitment to Financial Integrity and Transparency
The Government of Gibraltar’s commitment to complying with FATF standards demonstrates its dedication to maintaining a high level of financial integrity and transparency. This is essential for attracting investments and promoting economic growth in the territory.
Conclusion:
Gibraltar’s efforts to comply with FATF standards on anti-money laundering demonstrate its commitment to upholding international standards and ensuring a safe and transparent financial environment.