Financial Crime World

Gibraltar Improves Measures to Combat Money Laundering and Financing of Terrorism

Report Highlights Significant Progress in Compliance with Financial Action Task Force Standards

The Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (Moneyval) has published a report praising Gibraltar for demonstrating significant progress in its level of compliance with Financial Action Task Force standards. The report highlights that Gibraltar has improved measures to combat money laundering and financing of terrorism since 2019.

Enhanced Follow-up Procedure

Gibraltar was asked to report back to Moneyval under its enhanced follow-up procedure following an initial assessment in 2019. The subsequent review examined Gibraltar’s:

  • Risk-based approach
  • Preventative measures
  • Transparency of beneficial ownership of legal persons and arrangements
  • Regulation and supervision of financial institutions and designated non-financial businesses and professions

Positive Steps Taken by Authorities

Moneyval found that the positive steps taken by the authorities since 2019 have prompted it to assign Gibraltar a higher compliance rating. Specifically:

  • Gibraltar has been rated “compliant” with regard to eight Financial Action Task Force Recommendations
  • It was also commended for being among the first to implement the regulatory and institutional framework in the area of virtual assets and currencies

Compliance Rating

Gibraltar’s rating on the implementation of this revised Recommendation is “largely compliant”. As a result, Gibraltar has met the general expectation for countries to have addressed most, if not all, of the technical compliance deficiencies identified by Moneyval within two years of the adoption of its mutual evaluation report.

  • Gibraltar has achieved full compliance with 23 out of the 40 Financial Action Task Force Recommendations constituting the international Anti-Money Laundering and Countering the Financing of Terrorism standard
  • The jurisdiction retains minor deficiencies in the implementation of sixteen Recommendations, where it has been found “largely compliant”, and one further Recommendation (international Instruments) remains “partially compliant”
  • Gibraltar has no “non-compliant” ratings

Future Reporting Requirements

Gibraltar will report back to Moneyval on further progress to strengthen its implementation of measures in two years’ time.