Gibraltar Makes Progress in Combating Money Laundering

According to the latest assessment by the Financial Action Task Force (FATF), Gibraltar has made significant progress in combating money laundering, with substantial improvements in its technical compliance with FATF’s recommendations.

Upgraded Rating for Recommendation 36

Recommendation 36, which assesses a country’s ability to prevent and detect money laundering and terrorist financing, has been upgraded from Partially Compliant to Largely Compliant. This reflects Gibraltar’s improved efforts in this area, demonstrating its commitment to combating financial crimes.

Implementation of All 40 FATF Recommendations

Gibraltar has implemented all 40 FATF Recommendations at the level of Law and Customs (LC/C), showcasing a robust legal framework for combating money laundering. Specifically:

• 22 Fully Compliant Recommendations: Gibraltar has met all requirements for these recommendations, demonstrating its effectiveness in preventing and detecting money laundering.
• 18 Largely Compliant Recommendations: Although there are some minor issues with these recommendations, Gibraltar’s efforts have significantly improved its compliance.

Positive Outcomes

As a result of this progress, Gibraltar will no longer be required to submit further reports under MONEYVAL’s current round of evaluations. This is a significant achievement, as it demonstrates the territory’s commitment to combating money laundering and terrorist financing.

A Major Success in the Fight Against Financial Crimes

Gibraltar’s efforts have been hailed as a major success in the fight against money laundering and terrorist financing. The territory’s progress serves as an example for other jurisdictions to follow, highlighting the importance of effective anti-money laundering measures.