TERRORIST FINANCING METHODS IN GIBRALTAR UNDER SCRUTINY

Gibraltar Makes Significant Strides in Combating Terrorist Financing

A recent evaluation by MONEYVAL, an international body tasked with evaluating member countries’ adherence to anti-money laundering and counter-terrorist financing (AML/CFT) regulations, has found that Gibraltar has made significant strides in combating terrorist financing methods.

Key Findings of the Evaluation

• Recommendation 36 Upgraded: The assessment found that Gibraltar’s performance on Recommendation 36, which deals with the regulation of non-financial businesses and professions, has been upgraded from “Partially Compliant” to “Largely Compliant”.
• Technical Compliance Improved: Gibraltar’s technical compliance with all 40 FATF (Financial Action Task Force) Recommendations has also been re-evaluated, with a significant majority of recommendations now rated as either “Compliant” or “Largely Compliant”.

Progress Indicators

• Improved AML/CFT Framework: The positive trend indicates that Gibraltar is taking concerted efforts to strengthen its AML/CFT framework.
• Enhanced Commitment to International Standards: This progress demonstrates Gibraltar’s commitment to upholding international standards in the fight against terrorist financing and money laundering.

Outcome of the Evaluation

As a result of this progress, MONEYVAL has decided that no further reporting will be required from Gibraltar under its current evaluation cycle. This development is seen as a testament to Gibraltar’s dedication to combating terrorist financing methods.