Financial Crime World

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Gibraltar’s Efforts to Combat Money Laundering and Terrorist Financing Show Improvement, Report Finds

A recent report by the Council of Europe’s committee of experts on money laundering and terrorist financing (MONEYVAL) has revealed that Gibraltar has made significant progress in its efforts to combat money laundering and the financing of terrorism. The report, published today, notes that Gibraltar has improved its measures to prevent and detect these crimes, demonstrating a high level of compliance with Financial Action Task Force (FATF) standards.

Enhanced Measures

According to the report, 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 have all been enhanced since the initial assessment in 2019. MONEYVAL examined a range of legislative, regulatory, and institutional measures implemented by Gibraltar in these areas.

Compliance Ratings

As a result, Gibraltar has been assigned higher compliance ratings in several areas, with eight FATF Recommendations now rated as “compliant” and one further Recommendation rated as “largely compliant”.

  • Eight FATF Recommendations are now rated as “compliant”.
  • One further Recommendation is rated as “largely compliant”.

Implementation of Virtual Asset Requirements

The report also notes that Gibraltar has made good progress in implementing new international requirements for virtual assets, including the most prominent virtual currencies and their providers. Gibraltar’s rating on the implementation of this revised Recommendation is “largely compliant”, with the jurisdiction achieving full compliance with 23 of the 40 FATF Recommendations constituting the international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standard.

Future Progress

The report notes that while MONEYVAL’s follow-up review only assesses formal changes in the legislative, regulatory and institutional framework, it does not evaluate the effectiveness of these reforms in practice. Gibraltar will be required to report back to MONEYVAL on its progress in strengthening its implementation of AML/CFT measures in two years’ time.

Full Report Available Online

The full report is available online at [link].

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